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Large Cap
Market Cap £12.65bn
Enterprise Value £21.02bn
Revenue £7.53bn
Position in Universe 55th / 1835

UPDATE 1-Turkcell CEO Terzioglu steps down after four years

Fri 15th March, 2019 10:11am
(Adds company confirmation, background)
    By Ebru Tuncay and Can Sezer
    ISTANBUL, March 15 (Reuters) - The chief executive of
Turkey's top mobile phone company, Kaan Terzioglu, stepped down
on Friday after nearly four years atop Turkcell  TCELL.IS 
during which he sought to refocus it on more profitable digital
    Confirming earlier reports by Reuters and other media,
Turkcell's board of directors said on Friday that Murat Erkan,
the executive vice president for sales who originally joined the
company in 2008, would serve as acting CEO. 
    The board praised the technology investments made under
Terzioglu's watch. One person close to the company told Reuters
the board agreed on the move on Thursday. 
    Turkcell's market capitalization was about $5.8 billion at
market close on Thursday, the sixth biggest company listed on
the Istanbul stock exchange. The stock was down 1.8 percent on
    One analyst who declined to be named said Terzioglu, who
became CEO in 2015, was well-regarded for his role reshaping the
company's strategy and guiding it beyond its core data and voice
markets into value-added digital services. 
    "Investors know Terzioglu very well. They may sell (shares)
on uncertainty until a new (permanent) executive is identified,"
the analyst said. 
    In recent years Turkcell's ownership has been the subject of
a feud between three of its shareholders: Cukurova, owned by
Turkcell founder Mehmet Emin Karamehmet, Russian billionaire
Mikhail Fridman's Alfa Telecom and Sweden's Telia  TELIA.ST .
    Ahmet Akca, chairman of Turkcell's board, said in a
statement to the Istanbul bourse that in the last five years the
company "established a strong foundation for growth through our
investments into technology and our endeavors leading the
industry in digital arena."
    Erkan, the acting CEO, before joining Turkcell served for a
decade as an officer in charge of Cisco Systems' technology,
sales, business development and channel management.     

 (Additional reporting by Orhan Coskun; Writing by Daren Butler;
Editing by Jonathan Spicer)
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