Hikmet Ersek

Hikmet Ersek (born 1961) is a Turkish businessman who is the former CEO of Western Union.^[1] He is also the Honorary Consul of the Republic of Austria in Denver for Colorado, New Mexico and Wyoming, in the United States.^[2]

Hikmet Ersek
Born	Istanbul, Turkey
Alma mater	Vienna University of Economics and Business

Early life

Ersek was born in Istanbul, Turkey, to a Turkish father and an Austrian mother.^[2] His parents met in Paris and then settled in Istanbul. He studied at the St. George's Austrian High School in Istanbul. Ersek later moved to Austria at the age of 19 and studied at the University of Economics in Vienna,^[2][3] where he graduated with a Master's (Magister) degree in Economics and Business Administration.

Ersek began his career in financial services in 1986 at Europay / MasterCard in Austria. In 1996, he joined GE Capital, and also represented the GE Corporation as a National Executive in Austria and Slovenia before he joined The Western Union Company.^[2]

Career

Hikmet Ersek is the former Chief Executive Officer and Director of The Western Union Company (NYSE: WU) [2010-2021], announcing his retirement in December 2021. He was replaced by Devin McGranahan former Group President of Fiserv (NYSE: FISV).^[4]

During Ersek's tenure as CEO, which began in 2010, Western Union has diversified its business model into a digital global payments company, growing its retail money-transfer business to more than 550,000 worldwide locations, over 100,000 ATMs and kiosks, and connecting billions of bank accounts and mobile wallets worldwide.^{[citation needed]}

As of Dec 31, 2020, the company's share price performance during Ersek's mandate has increased by 61% (underperforming the S&P500 that rose by 232% over the same timeframe)^[5]

Ersek has maintained a base salary of $1 million for the last three years ending 2017.^[6]

In 2018, Ersek experienced a 6% decrease in full pay to $9,175,300.^[7]

Awards

• 2015: Ersek was appointed as honorary consul for Austria at the country’s consulate in Denver.^[8]
• 2019: Decoration of Honour in Silver for Services to the Republic of Austria (Silbernes Ehrenzeichen)^[9]

Personal life

He speaks English, German and Turkish fluently. He also had a short career as a professional basketball player.^[10] Ersek currently lives in the Denver Metro Area, where Western Union is based.^[2]

He is married to Dr. Nayantara Ghosh Ersek,^[2] a management consultant and trainer. He has one son, Benan Ersek, who is a current basketball player for the University of Colorado Boulder.

References

1. PYMNTS (2021-11-15). "Western Union CEO Ersek Stepping Down". www.pymnts.com. Retrieved 2021-12-16.
2. "Hikmet & Nayantara Ersek", Austrian Embassy, Washington, 2018, archived from the original on 9 May 2021, retrieved 12 December 2020
3. Ersek, Hikmet (28 July 2012). "A Spectrum of Traditions". The New York Times. Retrieved 10 December 2014.
4. "Western Union Announces Devin B. McGranahan as New Chief Executive Officer". www.businesswire.com. 2021-11-15. Retrieved 2021-12-16.
5. "Koyfin | Advanced graphing and analytical tools for investors".
6. "Executive Compensation — Western Union 2018 Annual Meeting of Stockholders". wuannualmeeting.com. Retrieved 2019-03-22.
7. "Executive Compensation Tables — Western Union 2019 Annual Meeting of Stockholders". wuannualmeeting.com. Retrieved 2019-04-12.
8. "Austria reopens its honorary consulate in Denver". 22 May 2015.
9. "Western Union CEO Hikmet Ersek and Honorary Vice Consul Dr. Nayantara Ghosh-Ersek Receive Decoration of Honour for Services to the Republic of Austria". Business Wire. 2019. Retrieved 12 December 2020.
10. "Hikmet Ersek". Business Week. Archived from the original on December 10, 2014. Retrieved 10 December 2014.