Peter Long has stepped down for the top role at Tui Group with Fritz Joussen taking over as sole chief executive.
The pair had served jointly ever since Tui Travel merged with Tui AG in December 2014.
On completion of the deal it was decided that Long would leave the executive board after a transition period.
Long has effectively been in charge at Tui since 2007 when the travel division of Tui AG merged with First Choice.
He will remain at the company as part of its supervisory board after being elected at the firm’s AGM.
Yesterday Tui Group announced its first-quarter results. The vertically integrated tour operator reported earnings before interest, tax and amortisation narrow from a loss of €141.4 million to €137.5 million. Turnover rose 5.4% to €3.7 billion.
Long’s departure marks the end of an era and brings to a close a remarkable career in travel.