TUI Supervisory Board Chief to Stay

HANNOVER, Germany -- TUI's supervisory board chief, JЯrgen Krumnow, will remain at the company despite efforts by TUI's biggest shareholder to oust him at an annual meeting.

John Fredriksen, a Norwegian shipping tycoon who owns 11.7 percent of TUI, won 42.76 percent support to oust Krumnow, but needed a majority. With Krumnow staying put, CEO Michael Frenzel's job is also safe for now.

Steel billionaire Alexei Mordashov, who has 10 percent of TUI to Fredriksen's 11.75 percent, has been backing Frenzel and plans tourism ventures with TUI.

Fredriksen wants to join the supervisory board only if Krumnow leaves. The board does not support his removal.

An unidentified board member told the Financial Times Deutschland that Krumnow would have to find an "elegant" way to step down after surviving the revolt. (Reuters, Bloomberg)