Joussen, who has spent around ten years at the helm of the travel giant, will be replaced at the end of Tui’s current financial year  by its chief financial officer, Sebastian Ebel.

Dieter Zetsche, chair of Tui’s supervisory board, said the company “regrets” Joussen’s decision to stand down - effective from 30 September - after his “transformation” of the business and his leadership throughout the Covid crisis. 

Zetsche said Ebel was “an excellent choice” as Tui emerged out of Covid, with the supervisory board proposing his appointment for a period of three years.

Joussen said he had “enjoyed a long and trusting working relationship” with Ebel and believed Tui would be “in very good hands” under his leadership.

He added: “When the pandemic in spring 2020 turned us into a company without a business virtually overnight, all our attention was focused on one goal: rescuing Tui. 

“The immediate crisis management, which was about ensuring the group’s continued survival, has now been completed. We have a high level of liquidity, are no longer using state credit lines and the operating business is back: as announced, we expect a strong summer of travel almost at the level of 2019. 

“Under new management, Tui is now starting the next chapter: a return to profitable growth – of course coupled with tasks from the crisis: reducing debt, strengthening the balance sheet and the further transformation of Tui.”