Upon the close of today’s 54th ordinary Annual General Meeting, Friedrich Joussen (49) will take over as CEO of TUI AG from Dr Michael Frenzel (65). Joussen has been a member of the Executive Board of TUI AG since October 2012.
The chairman of the Supervisory Board of TUI AG, Professor Dr Klaus Mangold, thanked the outgoing CEO for his commitment. “Dr Michael Frenzel has created Europe’s largest and strongest travel group by far. The transformation of the Group is his entrepreneurial life’s work,” Professor Dr Mangold told shareholders. He continued: “The Supervisory Board thanks Dr Michael Frenzel, recognising and respecting his very successful management of the Group over almost twenty years and his outstanding loyalty to the Company.”
Dr Michael Frenzel (65) joined what was then Preussag AG 25 years ago. Since 1994 he has been CEO of the Group. Under his leadership, the industrial conglomerate Preussag was transformed within just a few years into Europe’s leading tourism group. An essential milestone was the investment in Hapag-Lloyd in 1997. It was followed by the takeover of leading tourism companies such as TUI Deutschland, Thomson Travel in the UK and Nouvelles Frontières in France. In financial year 2011/12, the Group generated turnover worth 18.3 billion euros and employed around 73,000 employees worldwide, including almost 10,000 in Germany.
Speaking to the shareholders, the Chairman of the Supervisory Board welcomed the new CEO. “The Supervisory Board is convinced that Friedrich Joussen with his personality and international experience is the right CEO for TUI AG and that he will be assertive in optimally leveraging the Company’s potential and driving value creation for the entire TUI Group,” said Professor Dr Klaus Mangold.
From 2005 to 2012, Friedrich Joussen (49) was CEO of Vodafone Deutschland, seeing the company through to market leadership in the mobile communications sector in Germany with current sales of 9.5 billion euros and 12,000 employees. Joussen also held numerous other functions in the global Vodafone organisation, including in particular responsibility for innovation management.
