Türk Telekom CEO Doany steps down, replaced by deputy marketing chief

Boulos Doany, the chief executive of Turkish landline operator Türk Telekom, has stepped down, according to a statement by the company.

Doany, who served as CEO since September 2016, has been replaced by Ümit Önal, who was previously deputy head of marketing and customer services, Türk Telekom told the Istanbul Stock Exchange on Wednesday.

Türk Telekom is being run by several Turkish banks under the umbrella of a special purpose vehicle after its previous owners, Saudi Oger, failed to make repayments on a $4.75 billion loan. The company’s new owners, who include Akbank, Isbank and Garanti bank, have been holding talks to sell the vehicle as they seek to recuperate the money owed.

Doany helped lead the $6.55 billion acquisition of 55 percent of Türk Telekom in 2005 and then served as CEO for five years. Saudi Oger bought the company with Telecom Italia, which sold its 10 percent stake in 2007. Saudi Oger is controlled by the family of the late Lebanese Prime Minister Rafiq Hariri.

Önal has worked at Türk Telekom since late 2016. He was previously employed at pro-government news channel ATV and then worked as a board member of satellite TV provider Digitürk.

Earlier this week, Türk Telekom said its net income was 435 million liras ($79 million) in the second quarter of the year compared with a loss of 870 million liras a year earlier. Revenue increased an annual 16.3 percent to 5.8 billion liras, it said.