TUI AG CEO Dr. Michael Frenzel convinced the shareholders
Dr. Michael Frenzel, CEO of TUI AG, who has been criticised since some weeks ago by the Norwegian John Fredriksen, one of the major share-holders, succeeded during the general meeting of shareholders in parrying the attack of the Fredriksen group.
Europe´s biggest tour operator and also the company which brought most tourists to Turkey (1.8 million pax), succeeded in fending off trouble yesterday. With about 3,000 shareholders representing more than 180 millions of share worth more than 460 millions of Euro the regular assembly of shareholders took place on 7th of May in Hannover. During the assembly a group of shareholders known as “Fredriksen group” had motioned for a vote of confidence against CEO Dr. Michael Frenzel and also to dismiss Dr. Jürgen Krumnow as member of the supervisory board.
Whereas the vote of confidence brought Dr. Michael Frenzel % 71,6 of the votes, Dr. Jürgen Krumnow was able to secure % 57,2 of the votes.
The votes, initiated by John Fredriksen, the Norwegian business man known for his practice to take over companies in order to sell them soon again with profit according to the German magazine FVW actually aimed at weakening the position of Dr. Michael Frenzel in the management of the holding.
At the general assembly of shareholders Dr. Michael Frenzel succeeded in convincing the majority of the shareholders in his ability to develop TUI into a global player. He also emphasised that TUI is bolstering up its position on the Russian market with the involvement of the Russian business man Alexei Mordaschow who recently bought % 10 of the shares, aiming at leadership on this market. Also the foundation of the new subsidiary TUI Cruises was much approved by the shareholders.