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LONDON (Alliance News) - TUI Group joint Chief Executive Peter Long is set to become chairman of the travel and cruise operator and the chairman of Royal Mail PLC after the postal operator said he will succeed Donald Brydon as its chair on September 1.
In a statement, Royal Mail said Long will join its board as a non-executive director and chairman designate on June 18, and will stand for election at its annual general meeting on July 23. He will then succeed current chairman Brydon at the start of September.
TUI Group separately said Long will remain as its co-chief executive until its own AGM in February 2016, at which point he will become chairman of TUI Ag's supervisory board. Fritz Joussen will be appointed TUI's sole chief executive.
"Royal Mail is one of the most recognised companies in the United Kingdom and I am delighted to be both joining the board and taking over as chairman in September. I look forward to working with Moya Greene and her management team as the group - with a clear focus on its customers - continues its transformation programme, delivers on its strategic objectives and generates long-term sustainable shareholder value," Long said.
"Peter Long brings with him a proven track record in transforming the fortunes of large and complex companies and I look forward to working with him. Donald Brydon has led our board through a period of tremendous change at Royal Mail and we are all most grateful for his wisdom and counsel during this key time for our company," said Greene.
Royal Mail said Long will be paid GBP300,000 a year as its chairman. His appointment comes after a "comprehensive search process" which was led by Senior Independent Director Orna Ni-Chionna. A number of candidates were interviewed, it said.
Long is steeped in the travel industry. He was CEO of TUI Travel, which recently merged with TUI Ag to form TUI Group, from 2007 to 2014, and was head of First Choice Holidays, which merged with the travel unit of TUI AG to form TUI Travel, from 1996 to 2007. Prior to joining First Choice he was Chief Executive of Sunworld and the travel division of International Leisure Group.
However, he has also held past non-executive directorships, including at RAC PLC, Rentokil Initial PLC and Debenhams PLC.
Brydon has been Royal Mail Chairman since March 2009, having joined its board two months earlier. He had a 20-year career with Barclays PLC, heading up the former BZW Investment Management business, and then had 15 years at AXA Group. He is currently also chairman of Sage Group PLC.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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