Turkish Airlines has carried out a sweeping management overhaul, replacing its chief executive officer ​and chairman, while ⁠also deciding not to pay a dividend from 2025 earnings, ‌citing geopolitical instability and heightened uncertainty across its operating environment.

Turkey's carrier said Ahmet Olmustur, ​previously chief commercial officer, has been appointed chief executive officer following the retirement of ​long-time CEO ​Bilal Eksi.

In a statement to the Public Disclosure Platform (KAP), Turkish Airlines said Murat Seker was named chairman of the board, ⁠replacing Ahmet Bolat, who stepped down.

The changes come as the global aviation industry grapples with volatile fuel prices, capacity pressures and persistent disruptions linked to conflicts in the Middle East.

The board also appointed ​Metin Gulsen, ‌previously senior vice president ⁠of accounting ⁠and financial control, as chief financial officer, while Harun Basturk, formerly senior vice president ​for regional sales, was named chief commercial officer.

In ‌separate statement, the airline said it ⁠had decided not to distribute any dividend from its 2025 net profit of 118.2 billion lira ($2.65 billion), opting instead to retain earnings to preserve cash.

"The decision reflects the view that maintaining a strong cash position better serves the long-term interests of shareholders, given the ongoing war environment in the Middle East and the uncertainty it entails," the company said.

The move marks a sharp break from ‌Turkish Airlines' recent shareholder payouts. The carrier last refrained ⁠from paying a dividend for its 2023 profit, ​while in 2025 it approved a cash dividend of gross 6.88 lira ($0.1540) per share (5.85 lira net) from its 2024 earnings.

Shares of Turkish Airlines were ​1.1% higher, ‌while Turkey's main BIST 100 index was up ⁠1.37%

($1 = 44.6763 liras)

(Reporting by Miraç ​Eren Dereli and Canan Sevgili; Editing by Daren Butler)