The Supervisory Board of TUI AG has agreed in today’s meeting to extend the contract of TUI AG CEO Dr Michael Frenzel (64) by two years to March 2014. The contract was originally set to expire in March 2012.
Prof. Dr Klaus Mangold, Chairman of the TUI AG Supervisory Board commented: „The TUI Group is currently in the middle of a strategic change process. The Supervisory Board has therefore asked Dr Michael Frenzel to extend his contract by two years in order to be able to complete the sale of the Group’s stake in Hapag-Lloyd without any time pressure and to further the development of the Group’s core tourism business under his leadership.“
In 1988 Dr Michael Frenzel was appointed as board member for the logistics and trade division of the then Preussag AG. In 1994 he became CEO of Preussag AG, which was re-branded TUI AG in 2002. Since 1998 Dr Michael Frenzel is also the Chairman of the Supervisory Board of Hapag-Lloyd and additionally since 2007 Chairman of the Supervisory Board of TUI Travel.
Additionally the Supervisory Board extended the TUI AG contract of Peter Long (59) which was set to expire in 2011 to August 2014. Peter Long has been running the tourism division of TUI AG since 2007 and also acts as CEO of TUI Travel. Peter Long joined the management of the British travel group First Choice in 1996 and was appointed its CEO in 1999.
