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Turkish electronics and home appliances manufacturer Vestel, which has been struggling with an ongoing financial bottleneck, has appointed Gokhan Sigin as its new Chief Executive Officer, effective January 19, 2026, following an almost year-long search for new leadership.
The company had been without a permanent CEO since April 9, 2025, when Ergun Guler stepped down from the role to lead Zorlu Holding’s International Subsidiaries and Investments division. In the interim, the CEO position was held by Omer Yungul, a member of Zorlu Holding’s Board of Directors.
Sigin is expected to lead Vestel’s transition toward a more technology-driven identity, with a mandate to expand innovation capacity, enhance organizational structure, and strengthen the company’s international market positioning, according to a company statement.
Sigin, who joined multinational manufacturer BSH in 1999 and served in several top roles, including CEO for the Middle East, Türkiye, and Emerging Markets between 2015 and 2025, is expected to bring decades of executive experience in the white goods sector to the company.
He also chaired the Turkish White Goods Manufacturers’ Association (TURKBESD) from 2023 to 2025.
Vestel, which was acquired by Zorlu Holding in 1994, is one of Türkiye’s top electronics and white goods brands. However, the company has been under pressure from declining domestic and international demand and growing financial obligations.
As of September 2025, Vestel reported total liabilities of ₺155.67 billion ($3.59 billion) and shareholders' equity of ₺37.37 billion, resulting in a debt-to-equity ratio of 4.17. The company also posted a net loss of ₺19.05 billion on sales of ₺107.61 billion during the period.
Shares of Vestel Electronics and Vestel White Goods, both traded on Borsa Istanbul, have dropped by more than 50% over the past year.
Parent company Zorlu Holding launched a restructuring program in mid-2025, including asset sales and workforce reductions, as it seeks to stabilize operations across its subsidiaries.
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