(Bloomberg) — TUI AG will replace its finance chief at year end, moving to swap executives in a key role as the struggling tour operator works to raise cash.
Chief Financial Officer Birgit Conix will leave the company at year-end, TUI said Wednesday in a statement. Sebastian Ebel, who is already a member of the executive board, takes over on Jan. 1.
The decision comes amid confusion over the past week about TUI’s fund-raising plans. Chief Executive Officer Fritz Joussen said last week that the company, hurt badly by a drop-off in summer travel, would raise 1.5 billion euros through a combination of asset sales and a rights issue.
The company then sought to clarify, saying the capital increase would be below 1 billion euros. That prompted criticism that the amount wouldn’t be enough.
In addition to the rights offer, TUI will look at selling some of its