After nine years of leadership, TUI Group Chief Executive Officer Fritz Joussen has announced he will be stepping down from his role at the end of September. Joussen, appointed CEO in 2013, presided over the company through its merger with TUI Travel in 2014, “digital transformation,” and recent post-pandemic recovery strategy.
Joussen shared the following in a company statement.
“When the pandemic in spring 2020 turned us into a company without a business virtually overnight, all our attention was focused on one goal: rescuing TUI. The immediate crisis management, which was about ensuring the Group’s continued survival, has now been completed."
“We have a high level of liquidity, are no longer using state credit lines and the operating business is back: as announced, we expect a strong summer of travel almost at the level of 2019. Under new management, TUI is now starting the next chapter: a return to profitable growth – of course coupled with tasks from the crisis: reducing debt, strengthening the balance sheet and the further transformation of TUI.”
Successor named
In a letter to company employees released earlier this week, Joussen outlined the reasons for his departure, considering it to be the right time for a change in senior leadership at TUI, following the end of the “existential crises” which threatened the company in 2020 and the start of a new chapter in the group’s development.
Joussen will be succeeded by current Chief Financial Officer Sebastian Ebel, an experienced TUI veteran of 24 years. Before he was appointed CFO in 2021, Ebel served on the company’s Executive Board, taking charge of growth across various sectors.
Dr Dieter Zetsche, Chairman of TUI AG’s Supervisory Board, noted
“He is an excellent choice for the new start after the Corona crisis. As a member of the Executive Board, Sebastian Ebel was responsible for the strategic growth areas of hotels, cruises and activities for many years and developed them into the Group’s most profitable segments."
“I have worked closely with him over the past years and greatly appreciate his expertise and reliability. I am convinced that he will lead TUI to new successes. He is extremely entrepreneurial and has clear strategic and operational ambitions for TUI’s development. He will drive the strengthening of the balance sheet and has clear ambitions for product, service and profitable growth of the business lines.”
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Praised leadership
However, Joussen’s resignation has come with some regret from the Supervisory Board members who celebrated his work reshaping the company. During the height of pandemic closures, the group utilized around €4 billion in aid provided by the German government, though it has already begun its repayments. Following a sharp rebound in demand across the past several weeks, TUI is expected to see a return to pre-pandemic numbers across the upcoming summer season.
“In 2013, Fritz Joussen took over a Group threatened with being split up, successfully restructured it and gave TUI its current future-proof shape."
“TUI is now more global, efficient and digital than ever before. This is to the credit of Fritz Joussen. I would like to thank him most sincerely for the very good and trusting cooperation over the past years - also on behalf of the entire Supervisory Board and all employees.”
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