Tui AG on Friday said it has picked Chief Financial Officer Sebastian Ebel as its new chief executive officer, with effect on October 1.

He will be replacing Fritz Joussen, who is stepping down from the Anglo-German holiday operator at the end of September after nine years as CEO since 2013.

Tui said Joussen has exercised a right of resignation granted in connection with the conditions of the financial support provided by the German government in response to the Covid-19 pandemic, which badly hurt the travel sector.

Matthew Kiep, currently director for Investor Relations, Corporate Finance & Controlling, will replace Ebel as CFO, also from October 1.

Both appointments will be for a period of three years until the end of September 2025, Tui said.

Ebel has been CFO at Tui for a year since 2021, and has worked there on and off since 2003, a total of around 12 years at the company.

Kiep has been in his role for three years since 2019, and has been part of Tui for 11 years since 2011.

‘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,’ said Chair Dieter Zetsche.

Shares in Tui were down 3.7% at 146.00 pence on Friday morning in London.

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