TUI AG: Realignment of key departments for next transformation phase

• Peter Krüger to focus on Group Strategy and Mergers & Acquisitions
• Mathias Kiep takes over as Group Director Investor Relations and Corporate Finance

Peter Krüger (43), member of the Group Executive Committee and currently Group Director Strategy, M&A and Investor Relations, will focus entirely on Group Strategy and Mergers & Acquisitions. Mathias Kiep (44), currently CFO Central Region and Managing Director Finance at TUI Deutschland GmbH, will be returning to TUI AG to take on the new role as Group Director Investor Relations and Corporate Finance from 1 November 2019. Peter Krüger will report to Group CEO Fritz Joussen, Mathias Kiep will report to Group CFO Birgit Conix.

The realignment of the two functions is part of the activities launched to prepare for the next phase of the transformation of the Group. In the first phase, launched in 2013, the Group successfully underwent a transformation from a traditional tour operator to a developer, investor and operator of hotels and cruises and expanded its activities in the destinations. Phase two, TUI's transformation as a digital and platform company, is well on track. The Group is consistently continuing its transformation to defend its leading role in a changing market. The sector is expected to undergo further consolidation, in particular for tour operators and airlines. TUI is well prepared in strategic, economic and operational terms to actively help shape the transformation and emerge as one of the winners.

Under Peter Krüger's leadership, TUI has significantly raised the profile of Group Strategy and engaged in active portfolio management. Key projects such as the acquisitions of Musement and Destination Management or the divestments of Corsair and Berge & Meer/Boomerang have been successfully completed. Krüger's tasks also include initiating strategic partnerships. Prior to joining TUI in 2017 Peter Krüger was Managing Director and Investment Banker at Deutsche Bank.

Investor Relations had previously been part of Peter Krüger's responsibilities. Since he joined TUI from his previous role at Deutsche Bank in 2017, he has strengthened IR's position and set a number of new priorities with his team. Here, too, the current market environment requires full attention. TUI will therefore combine Investor Relations and Corporate Finance under Mathias Kiep's leadership.

Mathias Kiep has many years of experience in capital markets and transactions from his previous roles, including his position in investment banking at Greenhill. Mathias Kiep had previously held a managerial position in Corporate Finance at BNP Paribas. He started his career in investment banking at Lazard. Kiep joined TUI AG at Hanover in 2011 and was initially responsible for Strategic Controlling, before taking over as Director Strategy and Business Development. In 2013/14, the graduated business economist played a major role in the preparation of the merger between TUI AG and TUI Travel, initiating the first key phase of TUI's transformation from a trading company to a content provider. In 2017, he joined one of TUI Group's two largest market organisations as Managing Director Finance for TUI Germany GmbH.

Mathias Kiep's successor at TUI Germany will shortly be appointed.