TUI Begins CEO Succession Search
German tourism and shipping group TUI has begun the search for a chief executive to replace long-serving Michael Frenzel, a German magazine reported without citing sources.
Manager Magazin said the group, which controls London-listed TUI Travel, was looking internally and externally for a successor to 64-year-old Frenzel, in charge since 1994.
The report said Johan Lundgren, named deputy chief executive of TUI Travel last October, was seen internally as a potential successor.
Frenzel transformed the Preussag conglomerate, as it was when he took over, into TUI via a series of acquisitions, and his contract was extended only last year until end-March 2014.
TUI, which has resolved to offload its stake in container shipping firm Hapag-Lloyd to concentrate on tourism operations, said it had started to look for Frenzel's successor but hadn't picked anyone.
"Considering the complexity of the tourism business and the great challenges at TUI, it is entirely natural that we start the search for a successor early," TUI chairman Klaus Mangold said in a statement, adding there was no succession timeframe.