TUI AG (LSE:TUI) shares fell 3.9% to 146p after the tour operator group said chief executive Friedrich Joussen gave notice that he will step down later this year.
As the Germany-based group put it, he "exercised his right to resign" with effect from 30 September.
TUI also said the presiding committee of its supervisory board yesterday proposed that "in the event" of Joussen's resignation, chief financial officer Sebastian Ebel would be appointed chairman of the board and his CFO role would be taken by Mathias Kiep, currently group director for controlling, corporate finance & investor relations from 1 October.
Last month, the FTSE 100-listed group said it expects to climb back into the black this year as the travel market continues to recover from the COVID-19 pandemic.
The travel company reported strong growth in bookings and capacity for the second quarter to end-March 2022, reflecting improved consumer confidence, pent-up demand for holidays and the easing of travel restrictions, though it has been among the companies cancelling flights in recent weeks.