After around ten years, Fritz Joussen has decided to hand over the helm of TUI to Sebastian Ebel, the current Chief Financial Officer (CFO) of TUI, at the end of the financial year in September 2022. Mathias Kiep will succeed Ebel as CFO.
"The restructuring, digital transformation and rescue of TUI in the Corona crisis are lasting achievements of Fritz Joussen,” said Dr Dieter Zetsche, Chairman of the Supervisory Board of TUI. “The acute phase of the crisis is over. With Sebastian Ebel, a strongly entrepreneurial CEO is ready for the new start after Corona. Strengthening the balance sheet and profitable growth are his focus.”
Joussen is exercising a right of resignation granted in connection with the conditions of the Corona stabilisation measures. Ebel will assume the position of CEO from October 1, 2022 for a period of three years.
Dr Dieter Zetsche, Chairman of the Supervisory Board of TUI said: "The crisis threatening our viability has been mastered. We are now entering the next phase. Sebastian Ebel is to become TUI's new CEO. He is an excellent choice for the new start after the Corona crisis. As a member of the Executive Board, Sebastian Ebel was responsible for the strategic growth areas of hotels, cruises and activities for many years and developed them into the Group's most profitable segments. I have worked closely with him over the past years and greatly appreciate his expertise and reliability. I am convinced that he will lead TUI to new successes. He is extremely entrepreneurial and has clear strategic and operational ambitions for TUI's development. He will drive the strengthening of the balance sheet and has clear ambitions for product, service and profitable growth of the business lines.”
Zetsche also lamented the departure of Jouseen, whom he said took over a group threated with being split up in 2013, and “successfully restructured it and gave TUI its current future-proof shape”, describing this transformation as Jouseen’s “success story”. He added: “Fritz Joussen led TUI safely and with a clear focus through the existential Corona crisis and laid the foundation for the Group to now focus on profitable growth again. TUI is now more global, efficient and digital than ever before."
Fritz Joussen commented on his decision to step down as CEO of TUI: "When the pandemic in spring 2020 turned us into a company without a business virtually overnight, all our attention was focused on one goal: rescuing TUI. The immediate crisis management, which was about ensuring the Group's continued survival, has now been completed. We have a high level of liquidity, are no longer using state credit lines and the operating business is back: as announced, we expect a strong summer of travel almost at the level of 2019. Under new management, TUI is now starting the next chapter: a return to profitable growth – of course coupled with tasks from the crisis: reducing debt, strengthening the balance sheet and the further transformation of TUI. In addition, there are operational Corona late effects for the entire industry in these weeks, for example at the airports and in flight operations. Now that the existential crisis has been mastered, the time is right for a change at the top of TUI. I am delighted that Sebastian Ebel, a new CEO with whom I have enjoyed a long and trusting working relationship, is to take over. TUI is in very good hands with him. Sebastian Ebel will lead TUI back onto the growth path."
Mathias Kiep, previously Group Director Controlling, Corporate Finance and Investor Relations, is to become the new CFO, for an appointment period of three years. Kiep has many years of capital market and transaction experience and has worked in investment banking at Lazard and BNP Paribas, among others. As CFO of TUI Deutschland, he played a decisive role in shaping the transformation there. He is currently head of central controlling, corporate finance and investor relations and was thus responsible for the successful capital increases and at the same time for the planning and financing of the strengthening operative business.
Zetsche said: "Mathias Kiep was an important pillar of TUI's crisis team, especially during the pandemic. He was closely involved in the stabilisation and the important steps towards debt reduction and refinancing. Not least because of his time as Chief Financial Officer of TUI Deutschland, he also knows the operative business very well. I am pleased that with him we have an excellent manager from TUI's own ranks.