Sisecam Announces Intention to Appoint Senior Management at Sisecam Chemicals Resources LLC and its Subsidiaries

Rhea-AI Summary

Sisecam Chemicals USA Inc. plans to appoint Ertugrul Kaloglu as CEO and Mehmet Nedim Kulaksizoglu as CFO of Sisecam Chemicals Resources LLC, pending immigration and corporate approvals. Kaloglu brings over 25 years of experience, recently as Direct Procurement Director at Sisecam, while Kulaksizoglu has worked in financial roles across European and Russian operations. Sisecam, a major player in soda ash and glass production, acquired a 60% stake in Sisecam Resources in December 2021, which enables these leadership changes.

Positive

• Appointment of experienced executives: Ertugrul Kaloglu (CEO) and Mehmet Nedim Kulaksizoglu (CFO) strengthen leadership.
• Kaloglu and Kulaksizoglu possess extensive backgrounds in procurement and finance, promising operational efficiency.
• Sisecam's acquisition of 60% of Sisecam Resources in December 2021 positions the company for growth.

Negative

• None.

DENVER--(BUSINESS WIRE)-- Sisecam Chemicals USA Inc. (“Sisecam US”), a wholly owned subsidiary of Turkiye Sise ve Cam Fabrikalari A.S. of Istanbul, Turkey (together with Sisecam US, “Sisecam”) today announced its intention to appoint Ertugrul Kaloglu as Chief Executive Officer and Mehmet Nedim Kulaksizoglu as Chief Financial Officer of Sisecam Chemicals Resources LLC (“Sisecam Resources”) and its subsidiaries, including Ciner Resource Partners LLC (the “General Partner”) upon the receipt of all requisite US immigration and corporate approvals (the “Effective Date”). Upon the Effective Date, Messrs. Kaloglu and Kulaksizoglu will replace President and Chief Executive Officer Oğuz Erkan and Chief Financial Officer Ahmet Tohma, respectively. After the foregoing resignations, Mr. Erkan will remain a member of the board of directors of the General Partner and continue to serve as President and Chief Executive Officer of Ciner Enterprises Inc., which owns 40% of Sisecam Resources, and Mr. Tohma will continue to serve as the Ciner Group’s Chief Financial Officer. Sisecam obtained these management appointment rights in connection with its acquisition of 60% of Sisecam Resources in December 2021.

Mr. Kaloglu has over 25 years of experience in the global supply chain in a variety of sectors such as automotive, household appliances, industrial products, and telecommunications. Most recently, he has served as Direct Procurement Director at Sisecam since 2017. Mr. Kaloglu is an industrial engineer with a Bachelor of Science degree from Middle East Technical University and a Master of Science degree from Marmara University.

Mr. Kulaksizoglu has 20 years of experience with Şişecam in the European and Russian operations. He is currently the Chief Financial Officer of Pacific Soda LLC, a joint venture between Sisecam and the Ciner Group, which indirectly owns 40% of Sisecam Resources. Prior to his role at Pacific Soda, he was the global head of taxation for Şişecam. He also served as the CFO for the glass packaging group of Sisecam’s Russian and CIS operations. He held both a Plant General Manager role as well as financial and operational leadership roles in European and Russian operations of Sisecam and financial roles in Turkey. He has a degree in economics from Dokuz Eylul University and is an alumnus of Harvard Business School’s General Management Program.

Sisecam is a global player in soda ash, chromium chemicals, flat glass, auto glass, glassware glass packaging and glass fiber sectors. Founded 86 years ago, it is one of the largest industrial publicly-listed companies based in Turkey. With production facilities in four continents and in 14 countries, Sisecam is one of the largest glass and chemicals producers in the world.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220207006001/en/

Ciner Resources LP

Marla Nicholson

Vice President, General Counsel and Secretary

(770) 375-2322

mnicholson@ciner.us.com

Source: Sisecam Chemicals USA Inc.

FAQ

Who are the new executives appointed at Sisecam Chemicals USA Inc.?

Ertugrul Kaloglu is appointed as CEO and Mehmet Nedim Kulaksizoglu as CFO.

What experience does Ertugrul Kaloglu bring to Sisecam?

Kaloglu has over 25 years in the global supply chain and served as Direct Procurement Director at Sisecam.

When did Sisecam acquire a stake in Sisecam Resources?

Sisecam acquired 60% of Sisecam Resources in December 2021.

What is the significance of the executive changes for TKKYY stock?

Leadership changes could impact operational performance and strategic decisions, potentially affecting TKKYY stock.

What are the primary sectors Sisecam operates in?

Sisecam is involved in soda ash, chromium chemicals, flat glass, auto glass, and glass packaging.