Taking an alternate route, Turkish Airlines replaces CEO and chairman, scraps dividend

Turkish Airlines replaced its chief executive officer and chairman on Friday and announced it will not pay a dividend from 2025 earnings, citing geopolitical instability and uncertainty in its operating environment.

Ahmet Olmustur, previously chief commercial officer, was appointed chief executive officer following the retirement of long-time CEO Bilal Eksi, the Turkish carrier said in a statement to the Public Disclosure Platform.

Murat Seker was named chairman of the board, replacing Ahmet Bolat, who stepped down.

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

In a separate statement, Turkish Airlines said it decided not to distribute any dividend from its 2025 net profit of 118.2 billion lira ($2.65 billion), choosing instead to retain earnings to preserve cash.

The company said 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.