Turkish Airlines announced a series of senior management changes on Friday and said it will not distribute a dividend from its 2025 net profit, underscoring its preference to strengthen liquidity amid what it described as an uncertain operating environment.
In a statement submitted to the Public Disclosure Platform, the carrier said Ahmet Olmustur, who served as chief commercial officer, has been appointed chief executive officer following the retirement of long-serving CEO Bilal Eksi. The board also selected Murat Seker as chairman, replacing Ahmet Bolat who stepped down from the role.
The airline made additional executive moves. Metin Gulsen, formerly senior vice president of accounting and financial control, was named chief financial officer. Harun Basturk, until now senior vice president for regional sales, was elevated to chief commercial officer.
Alongside the leadership changes, Turkish Airlines disclosed that it will not distribute any dividend from its 2025 net profit, which totaled 118.2 billion lira, or about $2.65 billion. The board said retained earnings will be used to preserve cash, a choice it framed as serving shareholders' long-term interests given the ongoing war environment in the Middle East and the uncertainty it creates for the company.
The airline has a recent history of alternating dividend policies. It last withheld a payout for its 2023 profit. From its 2024 earnings, the company approved a cash dividend of gross 6.88 lira per share, equal to about $0.1540 per share.
Context and implications
The company emphasized cash preservation as a priority while it implements new leadership. The management changes span commercial, financial and board positions, indicating a broad refresh of the carrier's executive team.
Turkish Airlines framed the dividend suspension as a defensive financial measure tied to regional geopolitical risks rather than a reflection of a specific operational failure. The decision to retain the 2025 profit was presented as intended to maintain a stronger balance sheet amid ongoing external uncertainty.
Data points from the announcement
- 2025 net profit: 118.2 billion lira ($2.65 billion)
- Dividend from 2024 earnings: gross 6.88 lira ($0.1540) per share
- Key executive moves: Ahmet Olmustur appointed CEO; Murat Seker appointed chairman; Metin Gulsen named CFO; Harun Basturk named CCO