Turkish Airlines replaces CEO and chairman, withholds dividend citing geopolitical risks (updated)

Turk Hava Yollari A.O.

10/04/2026 14:05

Adds Turkish Airlines passenger number and load factor figures

By Canan Sevgili and Mirac Dereli

GDANSK, April 10 (Reuters) - Turkish Airlines THYAO.IS has carried out a sweeping management overhaul, replacing its chief executive officer and chairman, while also deciding not to pay a dividend from 2025 earnings, citing geopolitical instability and heightened uncertainty across its operating environment.

Turkey's carrier said Ahmet Olmustur, previously chief commercial officer, has been appointed chief executive officer following the retirement of long‑time CEO Bilal Eksi.

In a statement to the Public Disclosure Platform (KAP), Turkish Airlines said Murat Seker was named chairman of the board, replacing Ahmet Bolat, who stepped down.

The changes come as the global aviation industry grapples with volatile fuel prices, capacity pressures and persistent disruptions linked to conflicts in the Middle East.

The board also appointed Metin Gulsen, previously senior vice president of accounting and financial control, as chief financial officer, while Harun Basturk, formerly senior vice president for regional sales, was named chief commercial officer.

In separate statement, the airline said it had decided not to distribute any dividend from its 2025 net profit of 118.2 billion lira ($2.65 billion), opting instead to retain earnings to preserve cash.

"The decision reflects the view that maintaining a strong cash position better serves the long‑term interests of shareholders, given the ongoing war environment in the Middle East and the uncertainty it entails," the company said.

The move marks a sharp break from Turkish Airlines' recent shareholder payouts. The carrier last refrained from paying a dividend for its 2023 profit, while in 2025 it approved a cash dividend of gross 6.88 lira ($0.1540) per share (5.85 lira net) from its 2024 earnings.

Turkish Airlines has paid a dividend only once in the past five years, distributing cash to shareholders last year.

 Passenger data on Thursday showed it recorded a 16% year‑on‑year increase in passenger numbers in March, even as the war in Iran affected the region. The load factor rose by 6.1 percentage points compared with the same month last year.

 For the January–March period, Turkish Airlines carried 21.3 million passengers, up 12.7% from a year earlier.

 Oil prices surged sharply after the war began on February 28. The conflict has led to widespread airspace closures, including over Russia and Ukraine to Turkey's north, as well as neighbouring Syria, Iraq and Iran.

Shares of Turkish Airlines were 1.1% higher, while Turkey's main BIST 100 index .XU100 was up 1.37%

($1 = 44.6763 liras)

(Reporting by Miraç Eren Dereli and Canan Sevgili; Editing by Daren Butler)

((canan.sevgili@thomsonreuters.com;))