In a significant leadership shakeup, Indonesian tech giant GoTo has announced that Andre Soelistyo will step down from his role as GoTo Group’s chief executive officer. GoTo Group commissioner Patrick Walujo, who is the founder of private equity firm NorthStar Group, will take over as the new CEO, according to a company statement.
Soelistyo, who will join the GoTo board of commissioners, will supervise and advise the company on its strategic direction as it progresses towards becoming adjusted EBITDA positive by the end of the year.
The company will seek approval for the proposed changes to the GoTo board of commissioners and board of directors at the general meeting of shareholders scheduled on June 30, 2023.
Soeslityo joined Gojek as President in 2015, leading the company’s fundraising efforts and its transition to become Indonesia’s first homegrown unicorn. He led multiple Gojek fundraising rounds, attracting investment from many global financial and strategic investors, and was appointed Gojek co-CEO in 2019.
In 2021, he presided over the merger of Gojek and Tokopedia, which led to the creation of GoTo, and was appointed CEO of the combined group. As CEO, he led the business through its historic IPO on the Indonesia Stock Exchange in 2022.
Meanwhile, Walujo is an early investor in Gojek and a current Commissioner of GoTo.
Commenting on the leadership change, Walujo said, “Over the past few months, the board has been working closely with the management team on its strategy and profitability milestones. Subject to shareholders’ approval of my nomination, I will take an even more active role as we chart a course for the future.”
Subject to shareholder approval, Walujo will be joined by Gojek veteran Thomas Husted, who will be nominated as Vice President Director in order to take on the role of Chief Operating Officer.
Thomas was Gojek’s CFO from 2017 to 2021 and played a critical role in the combination of Gojek and Tokopedia. During his tenure, he built much of the internal infrastructure required for GoTo’s IPO.
In other changes to the Board of Commissioners, subject to shareholder approval, Commissioner Agus D.W. Martowardojo will assume the role of President Commissioner, while current President Commissioner Garibaldi Thohir will transition to the role of Commissioner.
Shares of GoTo increased by 7.76% to 125 rupiah apiece following the announcement of the leadership change. However, its shares are way below the IPO price of 338 rupiah apiece.
