Garanti deputy CEO submits resignation

ISTANBUL - Hürriyet Daily News

Tolga Egemen, deputy chief executive of Garanti, has decided to leave his post. Company photo

The deputy CEO of Turkish lender Garanti Bank, Tolga Egemen, has decided to quit, according to a statement from the bank. The surprise resignation fueled rumors of a “fight for top management” in the bank, as one website claimed Ergun Özen, the current CEO, is preparing to leave.

Egemen, a well-known figure in Turkish and international banking circles, had been at Garanti for the past two decades. His resignation will be valid starting from the end of this month, according to the bank’s statement. Rumors have been circling for some time that Özen wishes to leave before the shareholders meeting in April.

The Garanti board tried to change Egemen’s mind, but was not successful, according to the Finans Gündem website, which also claimed there lies a “fight to be the new CEO” behind the move.
“According to talk within the bank, three deputy CEOs are seen as candidates to be the new CEO,” the website said. “One of these is Egemen, while the other two are Ali Fuat Erbil and Gökhan Erün, [who is] the strongest candidate.”

According to Finans Gündem, Erün, who has also spent nearly a decade at Garanti, is known to have good relations with both Özen and Ferit Şahenk, chairman of Doğuş Holding, which has a 24.22 percent stake in Garanti. Spain’s BBVA owns 25 percent of the lender, while 49 percent is being traded on the Istanbul Stock Exchange.