TUI AG
Search for Frenzel successor
TUI has begun to search for a successor to CEO Michael Frenzel two years ahead of his retirement.
Foto: Christian Stelling
Long-serving Frenzel, who has been CEO at Europe’s largest tourism company for 18 years, extended his contract last year and now due to retire in 2013 at the age of 67. TUI’s supervisory board chairman Klaus Mangold confirmed German media reports about the search for Frenzel’s successor, saying that it was “completely natural” to begin the search early given the “complexity of the tourism business and TUI’s major challenges”. But he stressed no decisions had yet been taken about “the timing or persons”.
TUI Travel CEO Peter Long is not seen as a candidate due to his age. According to business publication Manager Magazin, the top internal favourite is Johan Lundgren, the 45-year-old deputy CEO at TUI Travel, who has performed “excellent work in Scandinavia and generated top profits”. In contrast, TUI Germany chief Volker Böttcher now reports to Lundgren, which is a clear signal that he “is not foreseen for the group’s top position”, according to the magazine. In terms of external candidates, the magazine named Thomas Cook Germany chief Peter Fankhauser as a possible candidate.
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