TUI Appoints Vodafone’s Joussen to Succeed Frenzel as CEO (1)
TUI Appoints Vodafone’s Joussen to Succeed Frenzel as CEO (1)
July 30 (Bloomberg) — TUI AG, owner of Europe’s largest travel company, said it appointed the outgoing head of Vodafone Group Plc’s German operations, Friedrich Joussen, to succeed Michael Frenzel as chief executive officer.
Joussen, 49, will join TUI’s management board on Oct. 15, according to a statement from the Hanover-based company today. Frenzel will leave TUI at his own request after the company’s annual general meeting on Feb. 13, 2013, TUI said.
Under Frenzel’s leadership, TUI has been trying to sell a stake in its Hapag-Lloyd shipping unit to focus on tourism. The company postponed a planned initial public offering for Hapag- Lloyd last year because of turmoil in global equity markets. It is instead selling a 17.4 percent stake to investor group Albert Ballin for 475 million euros ($582 million), and it has retained the right to sell its remaining 22 percent holding in an IPO.
TUI said in June 2011 that its supervisory board had decided to extend Frenzel’s contract, which was set to expire in March 2012, until March 2014. Frenzel joined the board of Preussag AG, as TUI was called, in 1988. He became CEO in 1994.
Frenzel, 65, will remain chairman of TUI until September 2013, according to the release. Joussen was managing director of Vodafone in Germany from 2005 to 2012, the company said.
TUI shares gained 3.6 percent to 5.10 euros in Frankfurt trading today, the highest close since May 14.
To contact the reporters on this story: Julie Cruz in Frankfurt at
jcruz6@bloomberg.net
To contact the editor responsible for this story: Celeste Perri at
cperri@bloomberg.net
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