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Regional News:Europe
Kuoni Travel Holding Ltd.
Kuoni and CEO Armin Meier separate as per end of year
Monday, December 17, 2007
The Board of Directors of Kuoni Travel Holding Ltd. and Armin Meier, CEO of the Kuoni Group, have decided to separate, by mutual agreement, as per the end of 2007. The background of this decision is the divergent opinion on the leadership and execution of the Group’s continuing transformation, instituted in May 2007. At no point has the overall strategy been subject of these divergences.

The Board of Directors thanks Armin Meier for his contribution to Kuoni. During the past three years, the Group successfully realised its growth strategy in the premium and specialist travel market through internal growth achievements, as well as a
number of acquisitions in Europe and emerging markets.

Max E. Katz, Kuoni CFO for 12 years, will take up the role of Group Executive Board spokesman until further notice. Kuoni Group Executive Board members have decided not to stand for the CEO position. Therefore the Board of Directors will seek an external successor. The new CEO will be appointed in the coming months.

Michael Verikios - Monday, December 17, 2007
2 recommendation(s) , 103 print(s), 362 views, 0 comment(s)
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Poll
How do you expect luxury travel to perform in times of economic downturn?.

Providers of luxury travel products are going to witness shorter stays by their customers and an increase in seasonality.

People are going to become more value conscious and will opt for those luxury offers that represent a convincing value-for-money proposition. Providers of overpriced services are those to feel the pinch.

Both people paying for their personal trips and firms paying for their top executives' business trips will cut back on travel expenses, thus affecting all luxury travel providers.

It is going to be business as usual. Those people opting for high-end travel products are not going to be affected by the looming crisis.

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