Hafize Gaye Erkan has stepped down as a member of the board of Marsh McLennan, a Fortune 500 agency, after she was tapped final week to run Türkiye’s central financial institution, the corporate introduced on Monday.
A former senior U.S.-based financial institution government, Erkan was named because the Central Bank of the Republic of Türkiye (CBRT) governor on Friday, in what analysts stated marked one other sign that an financial coverage overhaul may very well be within the pipeline of the newly elected authorities.
Erkan got here on the board of Marsh McLennan, one of many world’s main skilled companies corporations within the areas of threat, technique and folks, in early 2022 and served on the Audit and Directors and Governance committees.
“We wish to thank Gaye for her service at Marsh McLennan and acknowledge the contributions of her insights and operational expertise throughout her tenure on our Board of Directors,” stated Edward Hanway, Independent Chairperson of Marsh & McLennan Companies’ board of administrators.
“We want her all the very best in her new function,” Hanway famous.
The Princeton-educated Erkan is the primary lady on the helm of Türkiye’s central financial institution, taking on from Sahap Kavcıoğlu, who spearheaded the easing drive that noticed the financial authority slashing its benchmark coverage charge to eight.5% from 19% in 2021.
Her new function makes her one in every of solely round a dozen girls at present serving as central financial institution governors world wide, together with the likes of European Central Bank (ECB) President Christine Lagarde, Russian Central Bank Governor Elvira Nabiullina and Serbia’s Jorgovanka Tabakovic.
Erkan holds levels from Boğaziçi University in Istanbul, graduated from Harvard Business School’s Advanced Management Program and holds a Ph.D. in Operations Research and Financial Engineering from Princeton University.
She joined Goldman Sachs in 2005 as an affiliate and was named a managing director in 2011, making her one in every of many alumni of the Wall Street financial institution who’ve taken up distinguished positions on the earth of financial policymaking, from former Bank of Canada and Bank of England governor Mark Carney to former ECB President Mario Draghi and former New York Fed President William Dudley.
From Goldman, she joined First Republic Bank, the place she finally took over as co-CEO in June 2021. Her resignation there in December 2021 shocked traders, who had anticipated her to finally take the reigns on the main U.S. lender, which collapsed in late April this yr. She acquired a $10 million severance bundle, in response to the financial institution’s filings.
Erkan was named CEO at Greystone, an actual property finance and funding agency, in June final yr. But she resigned in December. Greystone stated on the time that her departure was “amicable” and “related to her decision to focus on new opportunities in the financial sector.”
Erkan is broadly seen as a revered determine within the monetary business and featured on Crain’s Notable Women in Banking & Finance record.
Source: www.dailysabah.com
