Stephen M. Wolf, 45, chairman and chief...

Stephen M. Wolf, 45, chairman and chief executive of Flying Tiger Line, was named chairman, chief executive and president of its parent, Tiger International. Wolf replaces Robert P. Jensen, 61, who is retiring from Tiger International and quitting its board.

Jensen, an investment banker who joined the company 1 1/2 years ago, had an employment contract with Tiger that was to expire in 1990. According to Tiger’s proxy statement, Jensen could leave Tiger during the term of the contract only if he could not get along with the board or if the board failed to provide him with liability insurance.

A Tiger spokeswoman declined to comment on the contract terms or on the details of his departure. Jensen, who could not be reached, is also chairman and chief executive of Santa Ana-based E. F. Hutton-LBO Inc., a Santa Barbara-based unit of the New York brokerage firm that specializes in financing leveraged buyouts.

Wolf, who was hired by Jensen last August to head Tiger’s troubled air cargo carrier business, has obtained more than $50 million in wage and benefit concessions from the company’s union workers. Wolf will remain chief executive of Flying Tiger.