Austrian CEO ‘will not extend contract’

Austrian Chief Executive Officer Vagn Soerensen has decided not to extend his contract with Austrian Airlines AG for personal reasons and to return to Scandinavia with his family. From 1 May 2006 onwards, Mr Soerensen will play an active role in the strategic management and business development of a range of different companies.

He will take over chairmanship of the supervisory boards of both Codan, Denmark’s second-largest insurance group (revenue volume EUR 2 billion), and the BTX Group, the second-largest Danish producer and distributor of prêt à porter fashion (revenue volume EUR 500 million).

Vagn Soerensen will furthermore take over the function of vice chairman of the Danish telecommunications group TDC (revenue volume EUR 6 billion), as he will be of DFDS, the Danish shipping- and logistics company (revenue volume EUR 1 billion). He will also become a supervisory board member at Belgian group DeSter Food Service Solutions (revenue volume EUR 250 million) and a Senior Advisor to EQT, one of Europe’s largest private equity funds located in Sweden.

Vagn Soerensen made the following statement on his future career: ‘I have enormously enjoyed and been honoured to lead the Austrian Airlines Group from October 2001 until end-April 2006, pilot the organisation through eventful times in the international aviation industry and at the same time position the Group as a specialist in services to the east. The staff of the Austrian Airlines Group and many Austrian friends and business partners have become extremely dear to me, and I would be the first to admit that I will not find it easy to leave Austria at an emotional level. However, I am already looking forward to taking up my future positions, in which I shall not play an operational role so much as contribute to the strategic management, financing and business development of the organisations in question. My professional and management experience in the aviation sector will also be extremely valuable to me in these new positions, and I do not of course exclude the possibility that I will play a strategic management role at an airline in years to come.’

Vagn Soerensen will hand over chairmanship of the Board of Management of Austrian Airlines AG to Alfred ?-tsch on 30 April 2006 and will move to Copenhagen / Denmark with his family in summer.
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