Tui AG has named Friedrich Joussen as its new chief executive following the news that Michael Frezel will step down from his post next year after 25 years.
Joussen will join the management board in October and take over as chief executive from February 13 2013.
Frenzel, who has been with the company for 25 years, will continue to offer his support during the transition period and introduce his successor to the role, according to reports.
In a statement released today, TUI said: “Dr Michael Frenzel, who had joined Preussag AG in 1988, has successfully transformed a company operating in the coal and steel industry into a global tourism player.
“Today, the market leader in tourism generates turnover of approximately €17.5 bn with 73,700 employees. Its largest subsidiary is TUI Travel.”