German airline Lufthansa has named a new chief executive from within its own ranks to head its business operations as of May. Carsten Spohr has the task of completing a restructuring process begun under the current CEO.
Lufthansa announced February 7 it had named Carsten Spohr to become its next chief executive. The decision, which will take effect May 1, follows a lengthy search by the carrier for a suitable candidate. It had initially had a preference for somebody from outside the company.
The 47-year-old Spohr is to take over from Christoph Franz, who is moving to head the board of Swiss drug maker Roche.
Spohr has made a name for himself while helping Lufthansa's passenger business to greater profitability and revenues.
At long last
Shareholders had criticized the company's management for taking so much time to name a successor to Christoph Franz while large-scale restructuring was in full swing and needed to be finalized.
Among the critics of the slow search for a candidate had been investment company DWS which had voiced its lack of understanding for what it perceived as a waste of time, saying Airbus pilot Spohr would be the right man for the job.
hg/ipj (dpa, AP, Reuters)