TUI extends CEO contracts

TUI extends CEO contracts

TUI has confirmed that Peter Long and Dr Michael Frenzel are to continue as the tour operator’s CEOs for another two years. Long will continue to act as CEO of TUI Travel and run the tourism division of TUI AG until August 2014, an extension of this year’s expiration. Meanwhile Frenzel will retain his role as CEO of TUI AG, chairman of Hapag-Lloyd and chairman of the supervisory board at TUI Travel. His contract, which was due to expire in March 2012, has been extended to March 2014. “The TUI Group is currently in the middle of a strategic change process. The Supervisory Board has therefore asked Dr Michael Frenzel to extend his contract by two years in order to be able to complete the sale of the Group’s stake in Hapag-Lloyd without any time pressure and to further the development of the Group’s core tourism business under his leadership,” said Prof. Dr Klaus Mangold, chairman of the TUI Ag Supervisory Board.

Gary Marshall
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Gary Marshall
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