GoTo Group has appointed a new chief executive officer, a leadership shake-up widely seen as clearing the path for a potential takeover of Indonesia’s largest digital services company by Grab Holdings Ltd.
The company announced that chief operating officer Hans Patuwo will succeed Patrick Walujo as CEO, pending shareholder approval. The leadership shift follows pressure from GoTo co-founders and major investors — including SoftBank Group Corp — who grew dissatisfied with Walujo amid the firm’s prolonged share-price slump.
The move marks a reversal from GoTo’s statement earlier this year that Walujo would remain in charge for the long term. During his two-and-a-half years as CEO, Walujo helped the company achieve its first profit, but GoTo’s market value still dropped more than 40%. He had also resisted a takeover by Grab.
GoTo shares rose as much as 4.7% in early Monday trading in Jakarta, giving the firm a valuation of around US$5 billion (RM20.71 billion). Grab, listed in New York, is valued at about US$20 billion.
According to Citigroup Inc analysts Ferry Wong and Ryan Davis, the leadership transition could “signal a shift toward operational consolidation” and reinvigorate the long-discussed Grab–GoTo merger.
Patuwo, 49, now faces the task of steering the company through a challenging period marked by rapid advances in artificial intelligence and renewed merger discussions. The likelihood of a deal has increased after the Indonesian government confirmed ongoing talks with both companies.
Indonesia’s sovereign wealth fund, Danantara, is expected to participate in the potential merger structure. The fund has been exploring a minority stake in the combined entity since early this year, sources told Bloomberg in June. Its involvement is expected to address concerns over competition in the ride-hailing market.
Analysts noted that Danantara’s participation would “serve as both symbolic and structural protection of national interests,” helping alleviate monopoly worries.
Patuwo joined GoTo over seven years ago after working at an Indonesian conglomerate. He began as part of Gojek’s leadership, strengthening ties with drivers and merchants while expanding the company’s national footprint. He later led GoTo’s payments and financial services division.
GoTo also announced additional leadership updates, including the appointment of co-founder Andre Soelistyo to the board of commissioners — a body overseeing governance and strategic direction. Soelistyo, who previously led GoTo and orchestrated the landmark Gojek–Tokopedia merger, had served as an executive director at Northstar Group, Walujo’s former private equity firm.
GoTo shareholders will vote on the leadership changes and other corporate matters at an extraordinary general meeting scheduled for Dec 17.
