Erdogan Says Wealth Fund Chief Replaced Due to Poor Performance
- Bourse chairman is said to serve as fund’s acting chief
- Fund was paralyzed by power struggle between Erdogan, Yildirim
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Turkey replaced the chief of its $200 billion sovereign wealth fund because it had failed to live up to expectations, President Recep Tayyip Erdogan said.
The decision to remove Mehmet Bostan, who was both chairman and chief executive officer of the fund known as TWF, was a joint one with Prime Minister Binali Yildirim, Erdogan said in televised remarks to reporters on Friday. Himmet Karadag, a board member and the chairman of Turkey’s main stock exchange, will serve as the acting head, two people familiar with the matter said earlier on condition of anonymity because the decision wasn’t made public.