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TUI Travel reveals Chairman could leave by March 25th
13-02-2013 15:20
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TUI Travel has revealed the planned departure of its Chairman, Michael Frenzel, could be as early as March 25th.
TUI AG has suggested that the position will be filled by its new Chief Executive Officer, Friedrich Joussen, who was appointed as a Non-Executive Director of the company on February 8th.
German-listed TUI AG last month ruled out plans to merge with its UK-listed TUI Travel subsidiary. TUI currently owns more than half of the company and was said to have suggested merging the two firms. However, it failed to make it off the drawing board.
TUI Travel's shares climbed 0.99% to 317.20p by 15:35.
NR
TUI AG has suggested that the position will be filled by its new Chief Executive Officer, Friedrich Joussen, who was appointed as a Non-Executive Director of the company on February 8th.
German-listed TUI AG last month ruled out plans to merge with its UK-listed TUI Travel subsidiary. TUI currently owns more than half of the company and was said to have suggested merging the two firms. However, it failed to make it off the drawing board.
TUI Travel's shares climbed 0.99% to 317.20p by 15:35.
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