Board of Directors

Prof. Dr. Erişah ARICAN


Prof. Erişah Arıcan started her academic career as research assistant at Marmara University Economics-Finance Department in 1988. She transferred to Marmara University Banking and Insurance Department in 1990 and with her thesis entitled “The Central Bank and the Auditing of Monetary Volumes”, earned her Ph.D. degree in 1991. She received an associate professor degree on Economic Policy in 1999, and professor degree at Marmara University Banking and Insurance Graduate School in 2015. Arıcan worked as Assistant Director and Board member of Marmara University Banking and Insurance Graduate School between 1998 and 2006, and as Director, between 2006 and 2015. She was appointed as the Director of Marmara University Banking and Insurance Institute in August 2015, and is currently in office. In addition to her role as Marmara University Banking and Insurance Graduate School Banking Department Chairman and Board member she has been carrying out since 2002, Prof. Arıcan assumed the title of Marmara University Banking and Insurance Institute Banking Department Chairman and Board member in September 2015. Prof. Arıcan has numerous studies and books on Turkish economy, economic systems, money-banking, central bank practices, financial markets and organizations. Prof. Dr. Erişah Arıcan was elected as Borsa İstanbul Board Member on April 1, 2016, as Board member of Turkiye Wealth Fund on September 12, 2018. Ms. Arıcan was elected as Chairperson of the Board at Ordinary General Assembly Meeting on September 27, 2018. She is married with two children.


Deputy Chairperson

Yunus Arıncı was born in Kumru, Ordu on March 20, 1975 as the first child of his family. He received his primary and high school education in Kumru. Between 1992 and 1996, he studied at Ankara University Political Sciences Faculty, Department of Public Administration. He started his career as Assistant Inspector at the Prime Ministry in 1997, promoting to Inspector in 2000 and Head Inspector in 2007. He was assigned as Department Head to the Scientific and Technological Research Council of Türkiye for a term of one year in 2005. He attended a post-graduate program at the Indiana University during 2007-2009 and was assigned as the Head of Prime Ministry Inspection Board on October 14, 2009. He has been Chairman of the State Supervisory Council since July 13, 2015. Arıncı represented Türkiye in numerous events at the national and international level, led several national and international projects, and carried out significant investigations. He was elected as Board member at Borsa İstanbul’s Extraordinary General Assembly meeting held on October 31, 2016. Yunus Arıncı speaks English and is married with three children.



Metin Kıratlı was born in Ereğli in 1969, he completed his high school education in Ereğli Cumhuriyet High School and his undergraduate education in 1990 at Ankara University Faculty of Law. He received his master's degree in 2015 from Istanbul Commerce University, Institute of Social Sciences, Department of Private Law. Between 1994 and 1998 he served as Judge in Ulaş (Sivas), between 1998 and 2000 he served as Judge in Çaldıran, between 2000 and 2003 he served as Judge in Yalvaç, between 2003 and 2004 he served as Judge in Manavgat, between 2004 and 2008 he served as Investigation Judge at Ministry of Justice General Directorate of Penal Affairs, between 2008 and 2011 he served as Head of Department at Ministry of Justice General Directorate of Penal Affairs, between 2011 and 2012 he served as Executive Vice President at Ministry of Justice General Directorate of Penal Affairs, between 2012 and 2014 he served as General Manager at Ministry of Justice General Directorate of Penal Affairs, between 2014 and July of 2018 he served as Assistant Secretariat General of the Presidency. He has been serving as Head of the Administrative Affairs of the Presidency. Kıratlı has been appointed as a member of the Board of Directors of Borsa İstanbul since April 12, 2019.

Prof. Dr. Fahrettin ALTUN


Director of Communications, Turkish Presidency. Fahrettin Altun received his undergraduate degree in Sociology from Istanbul University (1998) and a master’s degree in Sociology from Mimar Sinan University before completing the PhD program at Istanbul University in 2006. His dissertation was titled “A Comparative Analysis of the Media Theories of McLuhan and Baudrillard.” Having worked as a guest lecturer at the Department of Political Science at the University of Utah in 2002-2003, Altun served on the founding academic board of Istanbul Sehir University and became the founding coordinator of the Department of Communication. He was among the architects of the same university’s graduate program in Cultural Studies and serves as Chair of the Department of Cinema and Television in 2008-2014. Between 2015 and 2017, Altun taught at Istanbul Medeniyet University’s Department of Sociology. Most recently, he served as founding dean of the Department of Communication at the Ibn Khaldun University. Altun was a senior executive of the SETA Foundation for Political, Economic and Social Research in 2013-2018. He is the author of Modernization Theory: A Critical Introduction (Insan Publishing, 2017, 4th Edition), Press Freedom in Türkiye (along with Ismail Çağlar and Turgay Yerlikaya; SETA Publishing, 2016) and Counter-Terrorism Strategies (along with Hasan Basri Yalçın; SETA Publishing, 2018). Altun’s articles have appeared in academic journals, including Middle East Critique, Insight Türkiye and Perceptions. He contributed chapters to edited volumes such as The Turkish AK Party and Its Leader: Criticism, Opposition and Dissent (Routledge, 2016), Political Thought in Modern Türkiye: Islamism (Iletisim, 2016) and Civil Society:Different Perspectives (Kaknus, 2016). He edited The Triumph of Turkish Democracy: The July 15 Coup Attempt and Its Aftermath (SETA Publishing, 2016) together with Burhanettin Duran and The Media on July 15: A Medium for the Coup and Resistance alongside Ismail Çağlar and Mehmet Akif Memmi. In his earlier career, Prof. Altun worked in the publishing industry and served as Advisor to the President of the Board of Higher Education (YÖK). He penned columns for Akşam, Sabah and Daily Sabah, and was a founder and Editor-in-Chief of the monthly magazine Kriter in 2016-2018. Altun worked with various national media outlets, including TRT and A Haber, as a commentator, host and producer. Prof. Altun’s areas of expertise include political communication, the sociology of media and communication, global studies and political sociology.

Ahmed Ali Al-Hammadi


Ahmed Al-Hammadi is the Chief Investment Officer for Europe, Russia and Türkiye. He oversees Qatar Investment Authority’s direct sector teams’ investments in Europe, Russia and Türkiye. Prior to joining QIA, Al-Hammadi worked at EFG-Hermes as a regional asset manager and before that at consulting firm Booz & Co. advising financial services clients on strategy, private equity investment opportunities, and organization structures. Al-Hammadi also sits on the boards of Heathrow Airport, SoFi, and Pavillion Real Estate Investment Trust. He was named a Young Global Leader by the World Economic Forum in 2019. Ahmed Al-Hammadi is a graduate of the Wharton School at the University of Pennsylvania and has obtained his MBA from the Harvard Business School.


Independent Member

Born in 1962, Konya, Işınsu Kestelli graduated from İzmir Amerikan Kız Lisesi (American Collegiate Institute – ACI) high school in 1981 and then recieved her bachelors degree in Public Finance from the Faculty of Economics and Administrative Sciences, Dokuz Eylul University in 1986. Işınsu Kestelli, who is married and with a son, is founder and partner of Agrilink Tarım Ürünleri Company and also Agritrade Tarım Ürünleri Logistics. In November 1992, Işınsu Kestelli became a member of İzmir Commodity Exchange’s Vegetable Oils Professional Committee, and in 1995 was elected as a Board Member of İzmir Commodity Exchange, later serving as its Vice Chairman from 2003 until 2009. In February 2009, Kestelli was elected as the Chairman of Izmir Commodity Exchange, and was re-appointed to the same position by receiving a vote of confidence in the 2018 elections. On March 26, 2021, Işınsu Kestelli was elected as Board Member of Board Borsa İstanbul at its Ordinary General Assembly.


Independent Member

Cem Demiroğlu was born in Diyarbakır in 1978. He graduated from Beşiktaş Atatürk Anadolu Lisesi in 1996, and earned a B.A. degree in Business Administration from Boğaziçi Üniversitesi in 2000. He obtained a masters degree in Finance (with a minor in Economics) from the University of Nebraska-Lincoln in 2001, and his Ph.D. in Finance from the University of Florida in 2008. He started his academic career as an Assistant Professor of Finance at Koç University. Since 2014, he has been serving as an Associate Professor on the faculty of Koç University where he teaches corporate finance, portfolio management, bank financial management, and private equity at both the graduate and undergraduate level. Professor Demiroğlu previously served on the faculties of University of Florida (2010-2011) and Bocconi University (Spring 2010) as a visiting professor. He has published several articles in top international academic journals including Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Law and Economics, and Journal of Money, Credit, and Banking. His research interest include credit markets, credit rating agencies, banking, corporate finance, mortgages, securitization, and troubled debt restructurings and bankruptcy. He serves on the editorial boards of Journal of Banking and Finance, Journal of Capital Markets and Journal of Corporate Finance. He is also the recipient of the prestigious Outstanding Young Scholar Award granted by the Science Academy of Türkiye. Professor Demiroğlu has been serving as an adviser to the Minister of Finance at the Republic of Türkiye Ministry of Treasury and Finance. He was elected as Borsa İstanbul Board Member on September 27, 2018. He is married with one child.


Independent Member

Mr. Tevfik Eraslan, who has 23 years of work experience, currently carries out his duty at Is Asset Management as Chief Executive Officer. He worked in the Treasury Department of an international financial institution between 1995-2001, before joining İş Asset Management in 2001. Mr. Eraslan served as Assistant Manager and Manager of the Pension Funds Department until 2008, and then as Executive Vice President in charge of Portfolio Management between 2008 and 2013. He was appointed CEO in September 2013. He attended in many executive programs from Pension Fund Management Seminars at The Wharton School of Economics and Global Asset Management Program at CFA Institute to Essentials of Management Program at the Columbia University. Mr. Eraslan holds a bachelor’s degree in Faculty of Economics from Istanbul University and a master’s degree in Capital Markets from the same university. Mr Eraslan serves as Chairman of Board of Directors of Luxembourg based Turkisfund; member of Board of Directors of Turkish Capital Markets Association and Turkish Institutional Investment Managers’ Association, and also the member of Türkiye-Luxembourg Business Council and Türkiye-Sweden Business Council of Foreign Economic Relations Board. Mr Tevfik Eraslan was elected as Board Member of Borsa İstanbul at Ordinary General Assembly Meeting on September 27, 2018

Korkmaz ERGUN


Korkmaz Ergun earned his undergraduate degree at Ankara University Faculty of Political Science, Department of Business Administration and started his career at Borsa İstanbul the same year. He completed his masters’ degree and PhD at Marmara University, Faculty of Economics. Having 25 years of Stock Exchange and Capital Markets experience, Ergun has administered the evaluation of the initial public offerings of numerous companies, and the examination and market activities of the companies listed on Borsa İstanbul. Moreover, Ergun is the Deputy Chairman of Takasbank Board of Directors. He is also a Board Member of the World Federation of Exchanges (WFE).

Senior Management

Korkmaz ERGUN


Korkmaz Ergun earned his undergraduate degree at Ankara University Faculty of Political Science, Department of Business Administration and started his career at Borsa İstanbul the same year. He completed his masters’ degree and PhD at Marmara University, Faculty of Economics. Having 25 years of Stock Exchange and Capital Markets experience, Ergun has administered the evaluation of the initial public offerings of numerous companies, and the examination and market activities of the companies listed on Borsa İstanbul. Moreover, Ergun is the Deputy Chairman of Takasbank Board of Directors. He is also a Board Member of the World Federation of Exchanges (WFE).

Arif Tuncay ERSÖZ

Chief Audit Executive

Arif Tuncay ERSÖZ graduated from the Department of Management Engineering at Istanbul Technical University in 1990. In 1992, he started to work as an assistant auditor at the Istanbul Stock Exchange, where he became an auditor in 1994 and, chief auditor in 1997. In 2016, he was appointed as the Deputy Chief Audit Executive.


Executive Vice President

He completed his undergraduate education in Computer Science/Visual Communication Design in Germany, and holds master’s degree on IT Asset&Inventory Management from Danube University Austria. Kardan started his carrer at Munich-SBS Competence Center as a software engineer, and worked at Siemens IT Solutions and Services as a software engineer and project manager until 2011. He began working at Türkiye Petrolleri TPPD A.Ş. as an IT manager in 2011. He continued his career as IT Manager at Çalık Holding between 2012 and 2015. From 2016 to 2018 he was responsible for coordination of IT departments of affiliated and related corporations as Head of IT Department of the Ministry of Energy. He served as IT advisor to the Minister of Treasury and Finance between 2018 and 2020. He also served as a Board Member of Botaş International, Eltemtek, and Merkezi Kayıt Kuruluşu. Kardan joined Borsa İstanbul in 2020 as Executive Vice President.


Executive Vice President

Şenol Duman earned his BA in Public Administration from Ankara University – Faculty of Political Science; his MA in Public Management from Carnegie Mellon University - Heinz School of Public Policy and Management; and a Ph.D. in Public Policy and International Affairs from the University of Pittsburgh - Graduate School of Public and International Affairs. After returning to Türkiye in 2003, he worked as Assistant Professor and Associate Dean at the School of Business of Atılım University for a year. From 2004 to 2008, he was in charge of sales and marketing as Chief Marketing Officer and Board Member of the Government owned satellite company Türksat A.Ş. and also Executive Vice President and Board Member of Eurasiasat S.A., based in Monaco. In 2008, he became a partner of Aeroturq A.Ş., an enterprise operating in the satellite, telecommunications, aviation, and defense industries as General Manager and Board Member for 3 years. In 2011, he became the founding partner and General Manager of another enterprise, SM5 A.Ş., a high-tech venture company. He was a Board Member of Raintrade Petrokimya A.Ş. between April 2015 and April 2016. He was also the General Coordinator of internationally renowned D8 Fertilizer Association representing Türkiye in the Association’s annual meetings from 2015 to 2016. He has been serving as an Independent Board Member of the Turkish Growth and Innovation Fund (TGIF) since April 2015. In January 2015, he went back to his professional career, assuming the role of Deputy Director General responsible for the supply chain of Gübretaş A.Ş., where he left in September 2016 to join Borsa İstanbul as Executive Vice President. Şenol Duman speaks fluent English.

Güzhan GÜLAY

Executive Vice President

After graduating from the Faculty of Business Administration of Istanbul University in 1993, Güzhan Gülay completed Ziraat Bank Banking School and worked as a specialist in the Capital Markets Directorate of the same bank. He joined Borsa İstanbul family as an assistant specialist in the Equity Markets Directorate in 1995, became a specialist in 1998 and a manager in 2014 in the same department. He was appointed as the Business Development Director in 2018 and as the Precious Metals and Precious Stones Director in 2019. He has acted in many projects by taking fundamental positions in designing, configuration, testing, legislation and development for the improvement of the markets and infrastructure of Borsa Istanbul. After his master's and doctorate education, he acted as a visiting lecturer for a year at the City University of London Cass Business School and taught part-time at various universities.


Executive Vice President

Murat Bulut, currently serves as executive vice president responsible for markets and Index Department at Borsa İstanbul. Throughout his career at Borsa İstanbul, he has held various positions and has worked in areas such as regulation and operations in the equity market, introducing new products, markets, indices, and sustainability.

He has also been involved in the technological transformation program conducted within the framework of the cooperation agreement between Borsa İstanbul and Nasdaq. His expertise and leadership have played a crucial role in areas including warrants and certificates, initial public offerings on the stock exchange, exchange-traded funds, and the formulation and implementation of trading rules.

Murat Bulut completed his higher education at Ankara University's Faculty of Political Sciences, majoring in Business Administration.

Erdinç TUTAM

Executive Vice President

Erdinç TUTAM graduated from the Department of Mathematical Engineering at Yıldız Technical University in 2003. After working in various companies and positions in the fields of Network Management, Information Security and Cyber Security, he joined Borsa İstanbul family in 2017 as IT Network and Security Management Director. During his tenure, he also acted as Application Development and Information Security Director.

Atila Türeli

Executive Vice President

Atila Türeli was graduated from Istanbul University Faculty of Law in 1993. In 2008, he completed his master’s degree in European Public Law and Integration Programme from Bahçeşehir University Social Sciences Institute.

In 1994, he obtained his lawyer license. He served as a judge until 2000. In 2000, he passed the exam held by Istanbul Stock Exchange (IMKB) and started to work as a lawyer at Legal Consultancy Department. He worked at all levels in the same department between 2000 and 2012. He served as the Manager of the Member Affairs Department between 2012-2014, as the Manager of the Compliance Department between 2014-2016, and as the Chief Legal Counsel between 2016-2023. Currently, he is a member of the Board of Directors of Turkish Mercantile Exchange and the General Assembly of Istanbul Arbitration Centre. He has expert mediation certificates in various branches of law.



Yunus ARINCI (Chairman)

Tevfik ERASLAN (Member)

Cem DEMİROĞLU (Member)


Cem DEMİROĞLU (Chairman)

Tevfik ERASLAN (Member)

Ahmed Ali Al-HAMMADI (Member)


Tevfik ERASLAN (Chairman)

Metin KIRATLI (Member)

Işınsu KESTELLİ (Member)


Uğur BOĞDAY (Chairman)

Uğur FİDAN (Member)

M. Batuhan ALPMAN (Member)


Zeynel Ergun TÜREOĞLU (Chairman)

Bülent SEZGİN (Member)

Gökay YILMAZ (Member)


Berkay KESKİN (Chairman)

Ali Ercan BÜTÜN (Member)

Tolga ZIRH (Member)

Related Pages

Sustainability Committee