TUI AG's incoming CEO to take over as Shareholder Director

TUI AG's incoming Chief Executive Officer (CEO), Friedrich Joussen, will take over as Shareholder Director from Rainer Rainer Feuerhake, the travel company said Friday.

TUI AG's incoming Chief Executive Officer (CEO), Friedrich Joussen, will take over as Shareholder Director from Rainer Rainer Feuerhake, the travel company said Friday.

Joussen, who starts as CEO next Wednesday, will replace Feuerhake who joined the company in 1968 when it was still named Preussag Group.

Feuerhake was appointed Chief Financial Officer of the group in 1988 before stepping down from the role in 2010 and becoming a consultant. He joined the board as a director in 2007.

Joussen was appointed as a member of the executive board last October will succeed Michael Frenzel as CEO. He led Vodafone's German unit for seven years.

The board shake-up comes after the company ruled out a merger with its UK-listed TUI Travel subsidiary.

Cost-saving merger plans were dropped last month as TUI said it did not intend to make an offer for TUI Travel.

TUI Travel is Europe's largest tour operator, formed by the merger of First Choice Holidays and the travel division of TUI AG in 2007.

TUI currently owns more than half of the company and was said to have suggested merging the two firms. However, it failed to make it off the drawing board.

RD

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Where will house prices go in 2023?
House prices

Where will house prices go in 2023?

We explore what could happen to house prices in 2023 as the market continues to slow down.
24 Mar 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall below £2,000, based on average typical use, from July, for the first time since 2022. We have all the detai…
21 Mar 2023
5 top UK tech stocks
Investments

5 top UK tech stocks

The UK market has never been considered a fertile hunting ground for tech stars. But there are plenty of promising companies beyond the old economy, s…
23 Mar 2023