ISTANBUL - Marti Technologies, Inc. (NYSE American: MRT), a prominent mobility service provider in Türkiye, today announced the appointment of Oguz Erkan as its new Chief Financial Officer (CFO), effective today. Oguz Erkan steps into the role following the departure of the company's previous CFO, Cem Yasar Ozey.
Oguz Erkan brings a wealth of experience to Marti, with a 22-year career that includes significant finance and strategy roles. Before his latest appointment, Erkan served as the Country CFO for GlaxoSmithKline (NYSE:GSK) Türkiye since July 2019.
His resume also includes tenure as Country CFO at GSK Consumer Healthcare Türkiye and the Regional Supply Chain Finance Director at GSK for various regions. His earlier career includes finance roles at Arçelik-Beko, a global home appliances company. Erkan holds a Bachelor of Arts degree in Business Administration and an Executive MBA from Koç University.
Marti's CEO, Oguz Alper Oktem, expressed confidence in Erkan's ability to contribute to the company's growth and strategic objectives, praising his track record and dedication to operational improvement and shareholder value creation. Oktem also acknowledged Cem Yasar Ozey's contributions during his tenure, particularly in establishing the finance function in Marti's inaugural year as a public company.
The outgoing CFO, Mr. Ozey, expressed his gratitude for the opportunity to work with Marti and his confidence in the finance department's ongoing role in achieving the company's strategic goals under Erkan's leadership.
Marti Technologies, founded in 2018, is Türkiye's leading mobility app, offering a range of transportation services through its proprietary software systems and IoT infrastructure. The company operates ride-hailing services and a fleet of rental e-mopeds, e-bikes, and e-scooters.
This announcement is based on a press release statement and includes forward-looking statements subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated.
InvestingPro Insights
In light of the recent executive changes at Marti Technologies, Inc., it is important for investors to consider the company's financial health and market performance. According to the latest data from InvestingPro, Marti Technologies has a market capitalization of 100.95 million USD, indicating its size within the mobility service sector.
With a negative Price/Earnings (P/E) ratio of -2.45 and an adjusted P/E ratio for the last twelve months as of Q4 2023 standing at -3.09, the company's earnings do not currently support the share price, which could be a concern for potential investors.
Furthermore, the company's revenue has declined by 19.84% over the last twelve months as of Q4 2023, and it has reported a gross profit margin of -19.72%. This suggests that Marti is facing challenges in generating profit from its operations, a point that is underscored by an InvestingPro Tip indicating the company is quickly burning through cash. Another concern highlighted by InvestingPro Tips is that analysts do not anticipate the company will be profitable this year.
Despite these challenges, Marti's stock has shown some positive momentum in the short term, with a one-month price total return of 21.38% and a three-month price total return of 93.39%. This could suggest a growing investor confidence or a market reaction to recent strategic moves, such as the appointment of the new CFO. Still, with the company's stock price having fallen significantly over the last year, it is essential for investors to consider both the short-term gains and the long-term performance.
For those interested in a deeper analysis, InvestingPro provides additional insights and metrics. Using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 16 additional InvestingPro Tips available that could help investors make a more informed decision regarding Marti Technologies.
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