The surprise resignation of joint LTU chief executive Sten Daugaard means that the German leisure airline will be run by its other chief executive Jürgen Marbach, at least for the time being.
Daugaard, who was appointed in 2001, asked main shareholder Rewe Tourisik if he could leave LTU as soon as possible for personal reasons, says the airline. The second chief executive post will be left open, possibly to be filled with someone appointed by the new investor Rewe seeks.
Rewe has a 40% stake in LTU, with 49.9% held by a privately owned Dusseldorf-based trust called VBE, which took over the stake formerly held by the Swissair Group before its collapse in 2001. Although the carrier does not need new investment as its business is turning around, with a return to the black predicted for next year after a small loss this year, the move will continue the restructuring process, which has taken place over the last two years.
The turnaround includes the approval by the European Commission of a rescue package and moving to an all-Airbus fleet.
Source: Airline Business
