Incoming TUI CEO to cut costs

HANOVER, Germany Wed Feb 13, 2013 4:41am EST

HANOVER, Germany Feb 13 (Reuters) - The incoming chief executive of TUI AG, Friedrich Joussen, said on Wednesday he wanted to make the company more capital and cost efficient.

"My patience ends when a division doesn't perform," Joussen said, according to the text of his speech for the company's annual general shareholder meeting.

Joussen is to take the top job at TUI following the AGM.