Vodafone man to take Tui CEO role
|German travel giant Tui AG has confirmed its chief executive Michael Frenzel will step down next year and Friedrich Joussen is set to take his place.
Joussen, who has led Vodafone's German business for the past seven years, will move on to Tui's management board this October before taking over as chief executive in February next year.
"With Mr Joussen, Tui AG has won a highly renowned manager with international experience, in particular in the Anglo-Saxon environment, playing a crucial role for Tui," said Tui AG supervisory board chairman Klaus Mangold.
The company confirmed Frenzel will continue to contribute during the transition period and help ease his successor into the role, which is one of the most high-profile travel jobs in the world.
Frenzel was made chief executive of industrial conglomerate Preussag in the mid-Nineties. He was a key figure in repositioning the firm as a travel services business.
Through a series of acquisitions it became TUI AG, which controls TUI Travel.
Copyright Press Association 2012