"GoTo Group appointed a new chief executive officer to replace Patrick Walujo, a move that's expected to speed the takeover of Indonesia's largest internet company by Grab Holdings Ltd. Chief operating officer Hans Patuwo will take the helm from Walujo, the company said Monday. His appointment-which requires shareholder approval-comes after GoTo co-founders and prominent investors including SoftBank Group Corp. pushed for Walujo's ouster over a dismal stock performance."
"The change-up marks an about-face for GoTo, which in January said Walujo, 50, would run the company for years to come. The former investment banker helped usher the Indonesian ride-hailing and delivery giant to its first profit over a two-and-a-half-year tenure as CEO. But the company lost more than 40% of its value over the same period, and he also opposed a takeover by Singapore's Grab."
"Shares of GoTo climbed as much as 6.3% in Jakarta Monday, giving the company a market value of about $5 billion. Grab, traded in New York, has a market capitalization of $20 billion. "The transition could signal a pivot towards operational focus and revive the long-stalled proposed Grab-GoTo merger," Citigroup Inc. analysts Ferry Wong and Ryan Davis wrote. Patuwo, 49, is now set to steer a company mired in a persistent funk, grappling with a global shift towards artificial intelligence"
GoTo appointed chief operating officer Hans Patuwo as chief executive officer, replacing Patrick Walujo, with the move requiring shareholder approval. The leadership change followed pressure from co-founders and major investors, including SoftBank, after disappointing stock performance and calls for Walujo's ouster. Walujo led the company to its first profit but oversaw a greater-than-40% drop in market value and resisted a takeover by Grab. Shares rose after the announcement. Patuwo faces reviving merger talks with Grab, navigating government engagement, and coordinating possible involvement by sovereign wealth fund Danantara amid consumer-impact concerns in any combination.
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