BUSINESS NEWS


Fritz Joussen, who joined Tui in 2013, says: ‘We transformed from a classic tour operator to an integrated global tourism group’


Joussen shocks Tui with decision to step down


Outgoing chief executive praised for ‘future-proofing’ operator. Ian Taylor reports Initially joint chief executive with


News that Tui chief executive Fritz Joussen will step down on September 30 came as a surprise last week, despite rumours he was considering leaving. Joussen said the expiry of an exit


clause in his contract at the end of this month triggered his decision. He insisted: “The decision was not easy. However, I’m convinced now is the right time.” He joined Tui in 2013 from


Vodafone Germany. At the time, there were two companies named Tui. Joussen led Tui AG in Germany, which


48 30 JUNE 2022


owned hotels and cruise ships and held 55% of Tui Travel, listed in London and led by Peter Long. Tui AG had been transformed from German heavy industry group Preussag into a travel company having acquired German travel firm Tui in 1999 and added Thomson in the UK in 2000. Tui Travel had been set up following


the UK merger of Thomson and First Choice in 2007, when it was separated from Tui AG. The two remained separate until late 2014 when Joussen led Tui AG in acquiring the whole of Tui Travel to establish Tui Group.


Long, Joussen took over in 2016 and led a transformation. In a letter to staff last week, Joussen wrote: “We transformed from a classic tour operator to an integrated global tourism group . . . unified our brands worldwide and focused the group on its core businesses. Non-core activities were sold to invest in hotel and cruise companies, as well as activities. “In 2018, we launched the


Continued on page 46 travelweekly.co.uk


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