Yıldız Holding appoints key finance chief as new executive deputy chairman

ISTANBUL

Cem Karakaş (L)

Yıldız Holding Chief Financial Officer (CFO) and Head of Non-Food Businesses Dr. Cem Karakaş, who had a key role in the company’s global expansion, has been appointed as the group’s executive deputy chairman as of October, said the company in a press release on Oct. 14 

Yıldız Holding, which became the third largest baked snacks company in the world with the acquisition of United Biscuits last November, made appointments as part of its global restructuring process.

Mustafa Tercan, who is already serving as deputy CFO in Yıldız Holding will take Dr. Cem Karakaş’s CFO position, said the company. 
 
“Karakaş has been essential in the creation of Yıldız Holding’s global roadmap and its execution. He will contribute greatly with his new role to the growth and structuring of the company in our new chapter. That being said, the CFO position is also well covered. Karakaş is handing it to a close colleague of his,” said Yıldız Holding’s Chairman Murat Ülker.

At Yıldız, Karakaş led the restructuring of Ülker encompassing over twenty corporate entities, IPO of Bizim Toptan, the secondary public offering of Ülker as well as the company’s acquisitions of DeMet’s Candy and United Biscuits, among several dozen other transactions. 

Karakaş received his bachelor’s degree from Middle East Technical University, his master’s degree from Massachusetts Institute of Technology (MIT) and his doctoral degree from Istanbul University.

Over the years, he served as board member of some of the largest Turkish corporations. From 2006 to 2010, Dr. Karakaş was CFO of the Erdemir Group.