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Tui AG searches for new chief, reports

Tui AG searches for new chief, reports

Reports have suggested that the hunt for a successor to Tui AG chief executive Michael Frenzel has begun, in anticipation of him standing down in 2014.

Frenzel has been at the helm of the German travel and shipping group since 1994, and recently had his contract extended until March 2014.

But German magazine Manager Magazin has reported that the group is looking internally and externally for a successor to the 64 year old.

The report claimed Johan Lundgren, deputy chief executive of Tui Travel, is seen internally as a potential candidate. Whoever is selected, experts are likely to class it among the most exciting industry appointments of late.

Tui AG is looking to concentrate on tourism operations and potentially increase its share in Tui Travel.

Chairman Klaus Mangold said in a statement: "Considering the complexity of the tourism business and the great challenges at Tui, it is entirely natural that we start the search for a successor early."

 

Copyright Press Association 2012
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