Frankfurt Airport operator, Fraport, has extended the contract of CEO Stefan Schulte for a further three years, the company announced on Friday (15 September).
The move will see Schulte continue in the top job until 31 August, 2027, with his current contract due to end on 1 September, 2024, and comes as Germany’s second largest airport reports “sustained recovery” in passenger demand and a forecasted rise in business travellers moving forward.
Schulte has also been credited with forging a sustainability strategy for the German hub, including plans to accelerate initiatives to reduce carbon emissions over the next few years.
“Despite the significant turbulence during the coronavirus pandemic, Dr. Schulte has remained committed to important future-focused projects and has made significant progress with their implementation,” said Fraport supervisory board chairman Michael Boddenberg.
“We believe that Dr. Schulte will set the right priorities for the future of the company and its employees, while further reducing the pandemic-induced high debt. We expect that he will make strategic adjustments where necessary and will conclude some major projects to drive growth. We’re confident that Dr. Schulte will be able to call on his many years of experience to achieve these goals,” he added.
As well as Frankfurt Airport, Schulte will continue to oversee the group’s 20-plus regional airports around the world. Schulte joined Fraport as chief financial officer in 2003 and has served as the group’s CEO since September 2009.