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Dr. Stefan Schulte Fraport’s new Executive Board Chairman

Direct News Source

01-Sep-2009 Effective today, Dr. Stefan Schulte became the new executive board chairman (CEO) of Fraport AG.

In March of this year Fraport's supervisory board already appointed Schulte, who was vice chairman, to a five-year term as the new executive board chairman beginning September 1, 2009. Schulte (age 49) takes over the helm from Dr. Wilhelm Bender who held the chairmanship for many years. Peter Schmitz (age 58), formerly Fraport's senior executive vice president for ground services, became a new member of the executive board as of today. The change of leadership at Fraport also involves a redistribution of responsibilities among the executive board members.

Karlheinz Weimar, the supervisory board chairman of Fraport and Hesse minister of finance, emphasized that the supervisory board is confident the new team is capable of steering the Fraport ship safely and successfully through bumpy waters during these times of great economic and financial crisis, to ensure Frankfurt Airport's future viability and competitiveness by expanding the airport quickly, and to provide positive prospects for the economy of the region and the entire State of Hesse. With Schulte, the supervisory board opted for an executive manager who is "thoroughly prepared for his new task, with great expertise, leadership skill, alertness and diligence". In both his positions as Fraport's executive board vice chairman responsible for airport expansion and before that as CFO, Schulte has gained an impressive profile qualifying him as the successor of Bender. Thus his appointment was a "logical step", Weimar said.

The change of leadership is also a generational change. Weimar characterized the new executive board member Peter Schmitz as a "recognized logistics expert", who has served for many years as executive vice president for ground services, and who has "proven his worth for advancement to the executive board". The supervisory board expects Schmitz as well as the entire executive board to produce a sustainable concept for the future of Fraport's aviation ground services - a concept that equally takes care of the company's future competitiveness and the concerns of the employees. The supervisory board places great expectations in the "leadership qualities and expertise" of the new executive board member.

Fraport's new CEO Schulte primarily sees three key tasks: mobilizing all forces to weather the current economic and financial crisis, pushing ahead with the expansion of Frankfurt Airport (FRA) with resolve to ensure inauguration of the new runway for the 2011 winter timetable, and further enhancing customer satisfaction at FRA. Since April 2007 Schulte has been Fraport's executive board vice chairman responsible for FRA's expansion program, traffic and terminal management, airport security management, the real estate and facility management unit, and the legal affairs unit. Prior to this, Schulte was Fraport's executive board member responsible for finance (CFO). Born in Wuppertal, Germany, Schulte is a banker and business economist. Before joining Fraport, he served on the executive board of Cologne-based Deutz AG, where he was responsible for finance and human resources.

Fraport's newly appointed executive board member Peter Schmitz has worked for the airport operator since 2001 and later became senior executive vice president of Fraport's ground services division. Born in Wanne-Eickel, Germany, Schmitz is a logistics specialist with a military background. Before changing to the private sector he was a colonel in the general staff of the German military. Schmitz looks forward to his new responsibilities. He believes that the "Fraport team needs a motivational boost via clear directional signs from the top management". He intends to contribute to this important task.