The recent turmoil at Turkish grocery delivery company Getir has resulted in the removal of CEO Batuhan Gultakan from his position. This development comes after a shareholder meeting approved a restructuring plan that was contested by one of the company’s co-founders. Gultakan, who had been the chief executive since 2022, stated that he was terminated by the Turkish Board of Directors without any reason last week.
It has been reported that Gultakan still has the full support of Getir’s largest shareholder, Mubadala, the Abu Dhabi state investment fund. There is speculation that Mubadala may move to reinstate him in his role. However, neither Getir nor Mubadala or founder Nazım Salur were available for comment on the matter.
Getir, once valued at over $10 billion, has faced challenges with slower than expected demand. In June, the company reached a restructuring agreement with Mubadala, which involved closing overseas operations to secure financing and separating non-core businesses from the profitable local grocery delivery operations. The remaining subsidiaries would be controlled by Getir’s founders.
Despite the initial agreement, Mubadala announced last month that Getir’s independent directors had approved an alternative transaction proposed by the wealth fund. This move was met with opposition from Salur, who deemed it an “illegal coup” and initiated legal action in both the Netherlands and Turkey.
The founders’ appeal in the Amsterdam Court of Appeal was reportedly rejected, as per Dutch newspaper FD. Mubadala defended its actions by stating that the founders had failed to fulfill the terms of the June agreement, prompting the promotion of their alternative plan.
The ongoing power struggle at Getir reflects the complexities of corporate governance and strategic decision-making within the company. The uncertainty surrounding the leadership and direction of the company raises questions about its future trajectory and stability in the competitive grocery delivery market.
