by Florian Hielscher, Euro on Sunday
Change at the top of Europe’s largest tourism group: CEO Friedrich Joussen makes room for Sebastian Ebel, who takes over the helm at the beginning of October. Joussen is exercising his right to resign early at the end of September. He was given this opportunity as part of the conditions imposed by the corona stabilization measures.
The change marks the end of an era: Friedrich Joussen had been a member of the Management Board since 2012 and its Chairman since 2013. He is considered an important driver in the expansion of the profitable segments of hotels, cruises and activities as well as the digitalization of the group. After almost a decade at the top, the outgoing TUI boss now sees the time for new impetus: “When the pandemic in spring 2020 turned us into a company without a business almost overnight, our entire attention was focused on one goal: rescuing TUI “The immediate crisis management, which was about ensuring the continued survival of the group, has now been completed. Now that the existential crisis has been mastered, the time is ripe for a change at the top of TUI.”
Big holiday spirit
The previous CFO Ebel can approach his new task with confidence. The Group expects booking figures for the current season to be close to the pre-crisis level. Demand is particularly high in Germany, the most important market.
“There is hardly a segment or a destination that is currently not in demand. We are catching up rapidly and are more than confident that we will see summer business this year that will come close to 2019,” says Germany boss Stefan Baumert. According to Baumert, vacationers need not worry too much about the current turbulence at many airports. Despite the sparse staffing, the vacation will go smoothly for the vast majority. The flight schedule for TUIfly’s own aircraft and the planning for additional reserve aircraft remained in place.
strengthen the balance sheet
After difficult pandemic years, TUI carried out several capital increases in order to further reduce state aid. With financier Ebel at the helm, the focus is on strengthening the balance sheet and profitable growth. Sales growth and improved efficiency are expected to lift the operating result (EBIT) back above the pre-crisis level in the medium term. In the half-year report, TUI had set the return to a significantly positive adjusted EBIT as a target for the 2022 financial year. In any case, Ebel has Joussen’s blessing: “TUI is in very good hands with him. Sebastian Ebel will lead TUI back onto the growth path.”
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