Turkcell’s chief financial officer Bulent Aksu will resign to take a role in Turkey’s economic administration under Treasury and Finance Minister Berat Albayrak, according to a public filing from the company, which confirmed an earlier Bloomberg story on the move.
The appointment of Aksu to the minister’s inner circle is a step by the new administration to meet market expectations and strengthen dialogue with investors, according to a senior Turkish official familiar with the matter, who asked not to be named, citing policy. Aksu could be appointed deputy treasury and finance minister, according to another person familiar.
Albayrak, 40, who’s also the son-in-law of President Recep Tayyip Erdogan, has faced a rude greeting from investors so far. His appointment by Erdogan on July 9 was met with the biggest lira sell-off since a 2016 coup attempt. Bank shares have lost almost a fifth of their value on the Istanbul exchange since he took the job.
Turkcell CEO Kaan Terzioglu said Aksu’s work had enabled Turkcell to “become an exemplar in our country in balance sheet and currency risk management,” according to the public filing. The resignation will be effective as of July 31 and Osman Yilmaz will replace Aksu as Turkcell’s acting executive vice president for finance, he said.
Aksu previously served as finance director at Calik Holding when the company was run by Albayrak as chief executive officer, and as the CFO at Petkim and Star Rafineri. He’s been working at Turkcell since 2016.