TUI Replaces Finance Chief Amid Effort to Raise More Funds

(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.


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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 400 hotels and U.K. cruise arm Marella, Joussen said at the press briefing event in Frankfurt. A rights issue would also require a recovery in the share price, he said then.

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