Walujo, who previously worked at US investment bank Goldman Sachs, will replace Soelistyo as CEO of GoTo, the company formed from the merger of ride-hailing app Gojek and e-commerce platform Tokopedia, it was announced on June 8. Walujo currently serves on GoTo's board of directors.
Both changes are subject to shareholder approval. GoTo will hold its annual shareholder meeting on June 30.
GoTo went public in April 2022. Since its founding in May 2021, the group has struggled to make a profit, although recent business results have shown progress.
Net losses narrowed about 40% to 3.86 trillion rupiah ($259 million) in the first quarter of this year from the same period in 2022. However, like many other tech companies, the company has been forced to tighten spending and cut staff amid the difficult global economic situation. In March, the company announced it would lay off another 600 workers.
Walujo is a co-founder and managing partner of Northstar Group, one of Gojek's early investors. He started his career at Goldman Sachs. It is unclear what led to the shake-up at GoTo's top management. However, it appears that Soelistyo's decision to step down as CEO was his personal decision.
According to GoTo, as a board member, Andre will oversee and advise on the strategic direction of the company’s journey to profitability by the end of this year and achieve long-term growth. Walujo said that as CEO, he will be more proactive in driving GoTo to profitability by accelerating the progress of business units, optimizing the profitability strategy, and strengthening the foundation for long-term growth.
(According to Nikkei)
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