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.

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.

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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