TUI’s Russian Savior Resigns From Board in Wake of Sanctions
- Billionaire Alexey Mordashov leaves German travel giant
- Mordashov owns about a third of TUI’s shares after 2020 rescue
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TUI AG’s billionaire Russian savior resigned from the travel giant’s supervisory board after being sanctioned in the wake of his country’s invasion of Ukraine.
Alexey Mordashov, 56, has stepped down with immediate effect, the world’s largest tour operator said in a statement Wednesday. The businessman, who made his fortune in the steelmaking business and has a net worth of more than $21 billion, owns over a third of TUI’s stock after injecting capital during the early months of the Covid-19 crisis.