Shareholder representative Vladimir Lukin tendered his resignation on Thursday (3 March), Tui confirmed on Friday (4 March).
It follows that of oligarch Alexey Mordashov, who stood down from the group’s supervisory board earlier this week owing to EU sanctions placed on high-value Russian individuals owing to Russia’s invasion of Ukraine.
Mordashov was Tui’s largest single shareholder with a 34% stake and was hailed by Tui chief executive Fritz Joussen for "propping up" the business during the Covid crisis.
Lukin was deputy chief executive of Severgroup, the private investment firm which manages Mordashov’s assets.
He has previously served on the supervisory board so far back as 1999, and was appointed to a vacant position in 2019 – with Tui noting his role as special advisor to Mordashov.
Mordashov has held shares in Tui for around 15 years, but significantly upped his stake during the Covid crisis.
The group has been at pains to stress this week that two-thirds of its shareholders are from Germany, the EU, the UK and the US, or funds.
"We assume any restrictions or sanctions against Mr Mordashov will not have any lasting negative consequences for us as a company," said Joussen.
Tui’s statement on Friday read: "Mr Vladimir Lukin has resigned from his mandate on the supervisory board of Tui AG with effect from 3 March 2022.
"He informed Tui he had previously terminated his contractual relationship with Severgroup."
