Fritz Joussens, CEO of the German travel company TUI AG will step down on at the end of the company’s current financial year on 30 September and he will be followed by the current CFO Sebastian Ebel (in photo), the company said in a statement.

The company owns 50% of TUI Cruises that entails cruise brands Mein Schiff and Hapag-Lloyd in Gernany and controls 100% of Marella Cruises in the UK

 “The decision is not easy for me. However, I am convinced that now is a right time for a change at the top of the Group Executive Committee and the Executive Board. In making my decision, I have been guided by several questions that I have thought about a lot over the past weeks. Fortunately, I was able to do this at a time when the existential Corona crisis is over. This makes it easier to think about the future and to reflect on personal life planning, which I have which I have of course also discussed with my family,” Joussens said in a letter posted on the company’s website.

The company said Joussens would be exercising a right of resignation granted in connection with the conditions of the Covid 19 stabilisation measures.

“He has informed the Chairman of the Supervisory Board, Dr Dieter Zetsche, and the employees of the Group of his decision. The Presiding Committee of the Supervisory Board will propose to the Supervisory Board of TUI AG to appoint Sebastian Ebel as CEO, effective October 1, 2022. The Presiding Committee of the Supervisory Board will propose to the Supervisory Board the appointment for a period of three years,” TUI said.