Fritz Schur steps down as chairman and board member
SAS reveals that Fritz Schur notified the company’s nomination committee that he is not seeking re-election as chairman or member of the board from the upcoming 2018 AGM on March 5.
Schur has been a member of the board of SAS AB since 2001 and its chairman since 2008. The search for a new chairman has started.
“In my time on the board, SAS has undergone a total transformation. Above all, cost levels have declined significantly, which has enabled SAS to lower ticket prices. This has led to considerably improved competitiveness,” he said in a statement.
“After a number of years with negative earnings, for the third consecutive year SAS has posted billion-krona earnings and, moreover, recently delivered its best results for 20 years.”
He added: “With Rickard Gustafson and his team, SAS has a highly qualified management team and given the expectations for 2018 this is an appropriate moment to change chairman.”
SAS President and CEO Rickard Gustafson said he was grateful for Schur’s “considerable contribution” to the airline.
“During Fritz Schur’s time as chairman, SAS has undergone a major transformation to meet increased global competition. Operations have been fundamentally changed, from the destinations offered, the customer offering and the cost structure to production platforms and the aircraft fleet,” he said.
“Fritz Schur’s chairmanship and his considerable commitment have been decisive in this change process and key to bringing about SAS’s current position, where the company can look forward and further strengthen its position as the natural choice for all passengers who need to travel to, from and within Scandinavia,” Gustafson added.
Schur countered: “SAS is an icon for Scandinavian commerce, and I consider, and always have done, SAS to be an extremely important Scandinavian business and one that cannot be allowed to just fade away. I wish the company the very best on its continued journey.”