Peak-hour traffic in executive transfers
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by Sevda Yüzbaşıoğlu - Referans
Oluşturulma Tarihi: Ocak 30, 2009 00:00
ISTANBUL- Many chief executive officers, or CEOs, chief operating officers, or COOs, and chief financial officers, or CFOs, have been swapping companies. Executives in many companies have been requested to work with the premium system and that is the main reason for the increasing heavy traffic of transfers, according to experts.
Major activity has been recorded in the transfers of CEOs, COOs, CFOs, general managers and directors over the past four months. There has been so much activity that between September 2008 and Jan. 25, 2009, nearly 60 top-level executives changed firms. Another significant reason behind the transfers has been the desperate need of panicked bosses to entrust their companies to the right people.
Slashing costs
Savings methods adopted by companies in the midst of the crisis have also been playing a major role in these executive transfers. Many Turkish companies that have had to resort to a reduction in rank-and-file staff have also been cutting back on top-level executive costs, causing executives to seek out other employment options.
The transfer traffic has been increasing rapidly, predominantly in the technology, banking, logistics, textile, pharmaceutical, and tourism industries.
During times of crisis, many companies seek top-level executives who will be able to switch their focus from salaries to premiums, said Hasan Altunkaya, Data Expert chief executive.
"Executives who prefer the award system have a hire value nowadays. Companies offer this option to their executives. If they turn down the offer then a search for a new executive begins," he said.
"Right now all companies are out seeking executives who stand firm, with both their feet on the ground," he added and urged executives to stay away from putting financial instruments in circulation to make the company look bigger. Altunkaya said investors and shareholders used to love that, however, everything has changed as the global turmoil deepens.
While traffic in executive transfers is quite high, the number of top-level executive layoffs has also been attracting attention. Some 56 top-level executives have been stripped of their titles and laid off within the past five months.
Due to the crisis, realistic management methods are more popular nowadays, said Pembe Candaner, founding president of the Private Employment Bureaus Association, or ÖİBD.
"The money focus managements have faded because the global crisis has generated a massive confidence contingency," said Candaner, adding the, "adopt the premium system or quit" mentality had so far been taken up by three companies she knew of. The method has been utilized to increase profitability, she said.
"The number of transfers has increased all over the world. That is quite normal," said Al Rainaldi, executive vice president of Profiles International, a world leader and innovator in selecting and developing high-performance workforces.
"A good and effective executive finds ways to secure his/her position. In times of crisis the luck of the top-level executives increases drastically," he said. Umur Özkal has taken over the general management position at the Ekol Lojistik, a Turkish logistics supplier company. He transferred from Borusan Lojistik, where he worked as a deputy general manager responsible for financial affairs until the beginning of 2007. Between 2007 and 2008 he served as the Borusan Lojistik’s deputy general manager responsible for logistic operations. His transfer to Ekol Lojistik occurred December last year.
Changing companies
M. Tahir Gürhan has been appointed by Sinpaş Group to chair its furniture unit. Prior to this appointment he served as the general manager of various companies, including Lineadecor, Scavolini and Acarlar Holding.
Elif Çapçı has become the new general manager for Beymen, an upscale fashion retailer part of the Boyner Group, one of Turkey's foremost industrial groups comprising 12 companies. Çapçı who began her business life at the U.S.-based Signet Bank, was then transferred to Citibank’s Western Europe retail banking unit, back in 2005.
Slashing costs
Savings methods adopted by companies in the midst of the crisis have also been playing a major role in these executive transfers. Many Turkish companies that have had to resort to a reduction in rank-and-file staff have also been cutting back on top-level executive costs, causing executives to seek out other employment options.
The transfer traffic has been increasing rapidly, predominantly in the technology, banking, logistics, textile, pharmaceutical, and tourism industries.
During times of crisis, many companies seek top-level executives who will be able to switch their focus from salaries to premiums, said Hasan Altunkaya, Data Expert chief executive.
"Executives who prefer the award system have a hire value nowadays. Companies offer this option to their executives. If they turn down the offer then a search for a new executive begins," he said.
"Right now all companies are out seeking executives who stand firm, with both their feet on the ground," he added and urged executives to stay away from putting financial instruments in circulation to make the company look bigger. Altunkaya said investors and shareholders used to love that, however, everything has changed as the global turmoil deepens.
While traffic in executive transfers is quite high, the number of top-level executive layoffs has also been attracting attention. Some 56 top-level executives have been stripped of their titles and laid off within the past five months.
Due to the crisis, realistic management methods are more popular nowadays, said Pembe Candaner, founding president of the Private Employment Bureaus Association, or ÖİBD.
"The money focus managements have faded because the global crisis has generated a massive confidence contingency," said Candaner, adding the, "adopt the premium system or quit" mentality had so far been taken up by three companies she knew of. The method has been utilized to increase profitability, she said.
"The number of transfers has increased all over the world. That is quite normal," said Al Rainaldi, executive vice president of Profiles International, a world leader and innovator in selecting and developing high-performance workforces.
"A good and effective executive finds ways to secure his/her position. In times of crisis the luck of the top-level executives increases drastically," he said. Umur Özkal has taken over the general management position at the Ekol Lojistik, a Turkish logistics supplier company. He transferred from Borusan Lojistik, where he worked as a deputy general manager responsible for financial affairs until the beginning of 2007. Between 2007 and 2008 he served as the Borusan Lojistik’s deputy general manager responsible for logistic operations. His transfer to Ekol Lojistik occurred December last year.
Changing companies
M. Tahir Gürhan has been appointed by Sinpaş Group to chair its furniture unit. Prior to this appointment he served as the general manager of various companies, including Lineadecor, Scavolini and Acarlar Holding.
Elif Çapçı has become the new general manager for Beymen, an upscale fashion retailer part of the Boyner Group, one of Turkey's foremost industrial groups comprising 12 companies. Çapçı who began her business life at the U.S.-based Signet Bank, was then transferred to Citibank’s Western Europe retail banking unit, back in 2005.