Latest news with #CemKoksal
Bloomberg
20-05-2025
- Business
- Bloomberg
Turkey's Zorlu to Tackle $4.9 Billion Debt With Job Cuts, Sales
Zorlu Holding, one of Turkey's largest conglomerates, is readying asset sales and job cuts as part of a sweeping overhaul to ease investor concerns about its $4.9 billion debt burden. The company has already extended a portion of its loan maturities. Asset divestments, including land holdings, are a priority, according to people with direct knowledge of an investor call with Zorlu management last week that was hosted by J.P. Morgan Securities. Zorlu's businesses range from companies in real estate and textiles, to energy and manufacturing. The company has been rocked by a leadership shakeup after CEO Cem Koksal stepped down in March.
Reuters
02-03-2025
- Business
- Reuters
Turkey's Zorlu says CEO resigns after probe into Ramadan email
ANKARA, March 2 (Reuters) - Turkey's Zorlu Holding said late on Saturday its chief executive Cem Koksal had resigned, after authorities launched a probe into an email exchange for allegedly limiting freedom of belief over the celebration of the Muslim holy month of Ramadan. On Friday, Ergun Guler, chief executive of electronics firm Vestel ( opens new tab, which is a subsidiary of Zorlu Holding, sent a message to employees celebrating the start of Ramadan, which began on Saturday. Koksal later sent an internal email saying the company only celebrated Eid al-Fitr and Eid al-Adha officially, not Ramadan, and that it wanted to maintain a secular stance as it worked to become a multinational corporation, with employees from various beliefs and origins. After images of that email were circulated by local media and on social media, an Istanbul prosecutor's office launched an investigation into the issue, the state-owned Anadolu news agency said, adding that Koksal was detained on Saturday for "obstructing the exercise of freedom of belief, thought, and expression". In a statement, Zorlu Holding later said it ackowledged the "sensitivity" caused by the "internal argument over management principles", and that Koksal had resigned as of March 1. "It is known to the public that Zorlu Holding has been an institution with family values and business ethics since 1953, and has been integrated with the national and spiritual values of our country," it said. "As the Zorlu Group, we convey our sadness due to what has happened to all our stakeholders and the public," it added. The conglomerate operates in the energy, real estate, electronics, white goods and textile sectors. The investigation into Koksal comes after a battle between President Tayyip Erdogan and Turkey's biggest business group TUSIAD last month over comments from executives in the group criticising a government crackdown on opposition figures.
