Schulte New Chairman of Fraport’s Executive Board

By Prne, Gaea News Network
Thursday, March 19, 2009

FRANKFURT, Germany - Supervisory Board Appoints Vice Chairman as CEO - Peter Schmitz New
Member on Executive Board

Fraport AG’s supervisory board today appointed Dr. Stefan
Schulte (age 48) to a five-year term as the company’s new executive board
chairman (CEO) effective September 1, 2009. Currently the company’s executive
board vice chairman, Schulte will take over from Dr. Wilhelm Bender who will
turn 65 in early August and reach retirement after more than 16 years at the
helm of the Fraport airport company. Karlheinz Weimar, the supervisory board
chairman of Fraport and Hesse minister of finance, announced the appointment
following today’s supervisory board meeting. Newly elected to the executive
board is Peter Schmitz (age 58), who currently is Fraport’s senior executive
vice president for ground services. The change of leadership also involves a
redistribution of responsibilities among the executive board members.

“Confidence in the New Team”

Weimar declared 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.

“Three Key Tasks”

The future executive board chairman 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 with
resolve to ensure inauguration of the new runway for the 2011 winter
timetable, and further increasing 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.

“Team Motivation”

Fraport’s newly appointed executive board member Peter Schmitz
has worked for the airport operator since 2001, in his current position
serving as senior executive vice president for 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.

“Bender’s Outstanding Service”

In particular, Weimar pointed out that Dr. Wilhelm Bender, who
will retire at the end of August, has done outstanding service for the
development of Frankfurt Airport during over one-and-a-half decades. Heading
Fraport for more than 16 years, Bender is not only a “veteran of the
international airport landscape” but also the longest-serving CEO of all
DAX-listed companies in Germany. Weimar stressed that the supervisory board
extends special thanks to Dr. Bender.

Outstanding achievements during Bender’s chairmanship
included, above all, the company’s privatization and initial public offering
(IPO) in 2001, internationalization of the Fraport Group, and expansion of
Frankfurt Airport - for which the ground breaking will start in early May.
Frankfurt is on target for staying competitive in the future, thanks to the
privatization and the expansion program. Bender has always enjoyed the broad
support of Hessian policy makers, Weimar emphasized. “Wilhelm Bender has
written a crucial chapter of successful airport history, for which we are all


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For Further information, Please Contact:

Fraport AG Frankfurt Airport Services Worldwide
Robert A. Payne, B.A.A. - Manager International Press
Press Office (Dept. UKM-PS), Corporate Communications (UKM)
60547 Frankfurt am Main, Federal Republic of Germany
Tel.: +49-69-690-78547; Fax: +49-69-690-60548;
E-mail:; Internet:

Source: Fraport AG

For Further information, Please Contact: Fraport AG Frankfurt Airport Services Worldwide Robert A. Payne, B.A.A. - Manager International Press, Press Office (Dept. UKM-PS), Corporate Communications (UKM), 60547 Frankfurt am Main, Federal Republic of Germany, Tel.: +49-69-690-78547; Fax: +49-69-690-60548; E-mail: r.payne at .

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