Turkish President Recep Tayyip Erdoğan has made significant changes to Türkiye's economic team by appointing Hafize Gaye Erkan, a finance executive based in the United States, as the new governor of Turkey's central bank.

The official announcement was made through the country's Official Gazette, solidifying Erkan's appointment to this crucial role.

Erkan, who has an impressive background serving as co-CEO at First Republic Bank and managing director at Goldman Sachs, has been tasked with leading Turkey's central bank. Her appointment highlights the government's intention to bring in experienced professionals with a global perspective to manage the country's financial affairs.

In light of this development, the former central bank governor, Şahap Kavcıoğlu, has been reassigned as the head of the Banking Regulation and Supervision Agency (BDDK), as detailed in the Official Gazette.

This shift in responsibilities underscores President Erdoğan's reshuffling of the economic team as he embarks on a new term following his reelection on May 28, which extends his rule into the third decade.

To discuss the future direction of Turkey's financial policies, Hafize Gaye Erkan met with the newly appointed Treasury and Finance Minister, Mehmet Şimşek, in Ankara on Monday. This meeting signifies the collaborative efforts between the central bank and the government to ensure the stability and prosperity of Turkey's economy under the new leadership.

Who is Hafize Gaye Erkan?

Hafize Gaye Erkan possesses expertise in banking, investments, risk management, technology, and digital innovation. Prior to her role as Governor, she held various significant positions in the financial industry.

Born in Istanbul, Turkey, Erkan was raised by an engineer father and a mother who teaches mathematics and physics. She excelled academically and earned a B.Sc. in Industrial Engineering as the valedictorian from Boğaziçi University in 2001. Erkan further pursued her education, obtaining a Ph.D. in Operations Research and Financial Engineering from Princeton University. She also completed executive programs at Harvard Business School and the Stanford Graduate School of Business.

Erkan began her professional journey as a research assistant and assistant teacher at Princeton University. In 2005, she joined Goldman Sachs and gradually rose to the position of managing director and Head of Financial Institutions Group Analytics and Strategies by 2011.

In 2014, Erkan joined First Republic Bank as its chief investment officer and co-chief risk officer. She later assumed the role of chief deposit officer before being appointed as the Bank's President in 2017. In 2019, Erkan was elected as the board president of First Republic Bank.

Her accomplishments extend beyond banking, as she served on the board of directors for Tiffany & Co. until its acquisition by LVMH in 2021. In 2022, Erkan joined the board of directors at Marsh & McLennan and assumed the role of Chief Executive Officer at Greystone & Co Inc, a position she held from September to December of that year.

Following the reelection of Recep Tayyip Erdoğan in May 2023 and the appointment of Mehmet Şimşek as the new Minister of Finance, Erkan's name surfaced as a potential replacement for Şahap Kavcıoğlu as the Governor of the Central Bank. On June 8, 2023, Erkan officially became the Governor through a presidential decree, marking her historic achievement as the first female head of the Turkish Central Bank.

Erkan's contributions and abilities have garnered recognition throughout her career. She was honored as the "Best Student in the Last Ten Years" by Boğaziçi University in 2001 and received Princeton University's Gordon Y.S. Wu Fellowship for graduate study in engineering. Her thesis earned her a grant from the National Science Foundation, and she has received multiple Excellence in Teaching awards. Notably, she has been named to various prestigious lists, including San Francisco Business Times' "40 Under 40" and Crain New York Business' "40 Under 40" in 2018. Additionally, she has been recognized as one of the "Notable Women in Banking and Finance" by Crain's in 2019 and featured on American Banker's "Women to Watch" list.

Erkan is dedicated to supporting women in STEM education and leadership. She founded the Hafize Gaye Erkan First Republic Fellowship Program, which aims to provide assistance to young women pursuing STEM careers and helps them achieve their goals.

Overall, Hafize Gaye Erkan's exceptional career trajectory and accomplishments reflect her expertise in finance, leadership, and her commitment to empowering women in the field of STEM. (ILKHA)