The head of Tui’s supervisory board, Jürgen Krumnow, has resigned with immediate effect. The surprise move will see him replaced by Dietmar Kuhnt, former chief executive of utility company RWE.
Tui gave “personal reasons” for Mr Krumnow’s resignation. He was quoted as saying that he had considered stepping down for some time. Now was the right time, as Tui had a stable financing structure and a sustainable solution for Hapag-Lloyd had been found.
The decision means a late victory for Tui shareholder John Fredriksen, who failed to oust Mr Krumnow from his post and have himself and his business partner Tor Olav Troim elected as board members during the last two annual meetings of Tui group.
At the same time, Tui said that the contribution to annual results from its Hapag-Lloyd shareholding will be better than expected, though still a loss. The reasons for the improvement were stabilised freight rates and a successful cost cutting programme. Over the first six months, the carrier generated operating losses of €435m ($644.1m).
Tui gave “personal reasons” for Mr Krumnow’s resignation. He was quoted as saying that he had considered stepping down for some time. Now was the right time, as Tui had a stable financing structure and a sustainable solution for Hapag-Lloyd had been found.
The decision means a late victory for Tui shareholder John Fredriksen, who failed to oust Mr Krumnow from his post and have himself and his business partner Tor Olav Troim elected as board members during the last two annual meetings of Tui group.
At the same time, Tui said that the contribution to annual results from its Hapag-Lloyd shareholding will be better than expected, though still a loss. The reasons for the improvement were stabilised freight rates and a successful cost cutting programme. Over the first six months, the carrier generated operating losses of €435m ($644.1m).