Billionaire Mikhail Fridman Seeks Boardroom Clearout at Turkcell
- Fridman’s LetterOne wants dismissal of four board directors
- LetterOne works with Korn Ferry to identify replacements
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Russian billionaire Mikhail Fridman’s investment vehicle LetterOne has called for the dismissal of four board members at Turkcell Iletisim Hizmetleri AS, as it pushes for a governance overhaul at Turkey’s largest wireless carrier.
LetterOne, which owns 19.8% of Turkcell, said in a statement Tuesday that replacing Afif Demirkiran, Nail Olpak, Huseyin Arslan and Julian Horn-Smith was an important step in improving Turkcell’s governance to attract international investors. It has proposed four unaffiliated directors as replacements, according to the statement.