Getir CEO says he has been removed as power struggle continues

The CEO of Turkish grocery delivery company Getir said on Monday he had been removed from his position, weeks after a shareholder meeting approved an updated restructuring plan that was disputed by one of the firm’s co-founders.

Two sources familiar with the matter told Reuters that Batuhan Gultakan, chief executive since 2022, left his role on Thursday, the latest twist in a struggle for control at Getir.

“Yes, last week the Turkish Board of Directors, which consists of the sons of Getir founder Nazım Salur, terminated my duty – without any reason. I did not leave myself,” Gultakan told Reuters on Monday.

One of the sources said that Gultakan retained the full support of Getir’s largest shareholder Mubadala, the Abu Dhabi state investment fund, adding it could move to reinstate him.

Getir declined to comment. Mubadala and Salur were not immediately available to comment.

Getir was once valued at more than $10 billion but has been bruised by slower than expected demand. It agreed a restructuring plan with Mubadala in June.

Under the deal, Getir closed its overseas operations to secure $250 million in financing from the $300 billion fund. It also agreed to separate non-core businesses from profitable local grocery delivery operations, which Mubadala would buy.

The remaining subsidiaries would be placed in a structure controlled by Getir’s founders, Salur and Serkan Borancili.

However, last month Mubadala said Getir’s independent directors had unanimously approved an “alternative transaction” proposed by the wealth fund, without detailing the plan.

Salur called the new plan an “illegal coup” and said the founders had applied to the Enterprise Chamber of the Amsterdam Court of Appeal. They will also take legal action in Turkey and Britain, Salur said.

Dutch newspaper FD reported that the Amsterdam court rejected the founders’ appeal. The court did not immediately reply to a request for comment.

Mubadala previously told Reuters it promoted its plan after Getir’s founders “demonstrated an inability” to complete a June agreement for funding and splitting the company in two.