Christoph Franz named new Lufthansa chief

The biggest German airline, Lufthansa, said Wednesday it had named Christoph Franz as its new chairman and chief executive officer, a post that will mean devising a strategy to fight off low-cost carriers. Franz, who heads the airline's passenger division, will succeed Wolfgang Mayrhuber, Lufthansa's current chairman of the executive board and CEO, a statement said.
"The appointment will be effective from 1 January 2011, for a term until 31 May 2014 in accordance with German stock corporation law," it added. Franz, 50, will be tasked with maintaining Lufthansa's position as Europe's leading airline by passenger numbers against growing competition. Franz has been heir apparent to Mayrhuber, Lufthansa head since 2003, for several months.
After studying in Germany, France and the United States, Franz joined Lufthansa in 1990, before moving to the German railway Deutsche Bahn four years later where he gained executive experience. He came back to the airline group in July 2004 as CEO of Swiss, a subsidiary he restructured and returned to profit.