Turkey: Omer Koc elected chairman of Koc Holding

ANKARA

Mehmet Omer Koc, 54, son of billionaire Mustafa Rahmi Koc, has been elected chairman of the board of Turkey’s largest company Koc Holding, according to a statement issued Monday.

"The Board of Directors resolved that the Vice Chairman of Koc Holding A.S. Mehmet Omer Koc be elected as the Chairman of the Board, Board Member Yildirim Ali Koc be elected as the new Vice Chairman, to be on duty until the earliest general assembly meeting," the company statement indicated to Borsa Istanbul, Turkey's main stock exchange.

Mustafa Koc, the former chairman of the board of Turkey’s largest company Koc Holding, died on Jan. 21 at the age of 56 after suffering a heart attack. Koc was the eldest son of billionaire Mustafa Rahmi Koc and had been chairman of the board of the family conglomerate since 2003.

The company’s total output contributes nearly 10 percent of Turkey’s total GDP, with holdings in the automotive sector, durable goods, food, retailing, energy, financial services, tourism, construction and IT industries - it is the 341st largest company in the world and is the only Turkish company on the Fortune 500 list.

Koc Holding had a revenue of $22.5 billion in 2014 and profit of about $900 million.