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Newly-formed TUI Group simplifies structure, deputy CEO quits

Reuters

LONDON (Reuters) - TUI Group (TUIT.L) said deputy chief executive Johan Lundgren is to quit the company as it announced that it would simplify its structure by combining its tour operating, hotel and cruise ship arms into one unit.

TUI Group, a company formed last December through the merger of London-listed TUI Travel and German majority owner TUI AG (TUIGn.DE), said the new structure reflected the faster than expected integration of the two businesses.

Lundgren will leave the company effective from May 31, the company said in a statement on Tuesday.

TUI Group is due to hold a capital markets day and release its second quarter results on Wednesday.

(Reporting by Sarah Young; Editing by Victoria Bryan)