Power struggle at Getir: Board of directors fires Mubadala-backed CEO

Türkiye-based on-demand delivery company Getir is at the center of an intensifying power struggle after its board of directors dismissed CEO Batuhan Gultakan, a move that has strained relations with its largest shareholder, Mubadala.

The board, composed of the sons of Getir’s founder, Nazim Salur, dismissed Gultakan on Thursday amid increasing disputes and frictions during the company’s restructuring process.

“Last week, Getir’s Türkiye board, composed of the founder Nazim Salur’s sons, terminated my position without justification,” Gultakan told Reuters.

Gultakan, who joined Getir in 2015 and became CEO seven years later, has received full backing from Mubadala, according to sources from the company. Anyway, neither Getir nor Mubadala have issued an official statement regarding his dismissal yet.

Getir founder accuses Mubadala of ‘illegal coup’

Once valued at over $10 billion, Getir has struggled in the past year due to declining consumer demand, prompting a restructuring process with the deal with Mubadala.

Getir shut down its overseas operations under a deal to secure $250 million in funding from the $300 billion fund, which also required separating its non-core businesses from its core local grocery delivery service for Mubadala to acquire in September 2024.

However, last month, Mubadala announced that Getir’s independent directors had unanimously approved an alternative proposal by the wealth fund, prompting founder Nazim Salur to denounce it as an “illegal coup” and pursue legal action in the Netherlands, Türkiye, and the U.K.

Founded in 2015, Getir’s majority and controlling stakes were acquired by Mubadala Investment Company, a state-owned investment firm in the United Arab Emirates, while retaining control of Getir’s e-commerce and mobility of its founders.