TUI Reshuffles Over Poor Earnings
AUUST 22, 2006. TUI, Europe's biggest travel and tourism group, is set to fire two of its top executives following the publication of disappointing first-half results earlier this month, the German business daily Handelsblatt reported on Tuesday.
The newspaper, quoting sources close to the company, said that the head of controlling and tourism, Sebastian Ebel, as well as the the head of the western European tourism division, Eric Debry, would be forced to take their hats. Handelsblatt said that TUI declined to comment on the information.
The supervisory board was set to discuss the new management board set up at a meeting in Salzburg next week. Also on the agenda would be a possible merger of the group's two airlines, Hapagfly and HLX, the newspaper continued.
The group is under pressure in its airline business following the recent announcement that rival low-cost carriers DBA and Air Berlin are to merge.
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