McVities owner moves Karakas to deputy executive chairman role

McVitie's owner moves Karakas to deputy executive chairman role

Yildiz Holding has promoted CFO Dr Cem Karakas to executive deputy chairman, a position the Turkey-based food giant described as "the top professional position within the group".

Karakas had held the roles of CFO and head of Yildiz's non-food business. His deputy, Mustafa Terran, who has been with the Ulker owner for five years, will become Yildiz's new CFO. The group provided no information on who would lead its non-food operations.

Yildiz described Karakas as "the leading expert in M&A and corporate restructurings in Turkey". It said Karakas had led the acquisitions of McVitie's maker United Biscuits last November and of US firm DeMet's Candy at the start of 2014

Yildiz chairman Murat Ülker said: "Dr. Cem Karakas has been essential in the creation of Yildiz Holding’s global roadmap and its execution. He will contribute greatly with his new role to the growth and structuring of the company in our new chapter."