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Wed, 17 Jan 2018

Fritz Schur to Step Down as Chairman of SAS

Fritz Schur has notified SAS's nomination committee that he is not available for re-election as Chairman or as a member of the Board from SAS AB’s 2018 AGM on 5 March 2018.

 Fritz Schur has been a member of the Board of SAS AB since 2001 and its Chairman since 2008.

“In my time on the Board, SAS has undergone a total transformation,” said Fritz Schur. “Above all, cost levels have declined significantly, which has enabled SAS to lower ticket prices. This has lead to considerably improved competitiveness. 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. 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, “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. 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.”

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