Tuesday, October 3, 2023

GOTO to Appoint Patrick Walujo as New CEO

Jauhari Mahardhika
June 8, 2023 | 6:15 pm
Patrick Sugito Walujo (Investor.id)
Patrick Sugito Walujo (Investor.id)

Jakarta. Technology company GoTo Gojek Tokopedia Tbk (GOTO) announced on Thursday the plan to appoint Patrick Sugito Walujo as the chief executive officer replacing Andre Soelistyo.

The appointment will be confirmed in shareholders' meetings, which will include the annual meeting and an extraordinary meeting, scheduled for June 30.

Patrick's appointment will be effective after obtaining shareholder approval during the meeting. He will get support from Thomas Husted, a veteran at ride-hailing company Gojek who has been nominated as the deputy CEO and will assume the role of chief operating officer.

Meanwhile, Andre will join the board of commissioners, exchanging positions with Patrick. The company has also proposed former Bank Indonesia Governor Agus Martowardojo as the new chairman of the board of commissioners, replacing Garibaldi 'Boy' Thohir.


"The company announces that Andre Soelistyo has been nominated for shareholder approval to become a commissioner of the company and, therefore, resigning from his position as CEO. In his role as Commissioner, Andre will oversee and provide strategic guidance to the management toward achieving positive EBITDA by the end of the year and sustainable long-term growth," GOTO stated in a statement.

Andre, who is also a co-founder of GOTO, thanked the team of "world-class leaders" for their hard work during his tenure.

"Serving as the CEO of GOTO is a great honor, and I highly appreciate the various opportunities provided by the company. I am very proud of the culture and resilience we have built, and I believe that despite the inevitable changes, the commitment to fulfilling the company's mission will always be upheld," said Andre.

Andre will end his tenure after serving as CEO of GOTO for two years. Previously, he held several top positions at Gojek and played a crucial role in introducing various new innovations, such as logistics and financial businesses.

As a successor to Andre, Patrick is not new to the company. He, along with Andre, future Education Minister Nadiem Makarim, and other founders, played a significant role in developing Gojek from its early days operating from a garage to becoming a unicorn, until its merger with Tokopedia and going public.

"As one of the early investors in Gojek and a commissioner of GOTO, I have always had great confidence in the company. If my nomination is approved by the shareholders, I will dedicate myself fully to GOTO and work together with other members of the board to drive progress across business units, continuously optimize the company's strategy towards profitability targets, and strengthen the foundation for long-term growth," Patrick said.

In the first quarter of the year, GOTO achieved several improvements and recorded a gross transaction value of Rp 149 trillion, growing by 6 percent year-on-year. Out of this total, the company generated gross revenue of Rp 6 trillion, a significant increase of 14.3 percent.

Despite still being in the red, GOTO's net loss has been reduced by 41 percent from the net loss of Rp 6.6 trillion in the first quarter of last year. 

Who is Patrick Walujo?
Patrick is a co-founder and managing partner of Northstar Group, which was founded in 2003 and has become one of Indonesia's leading investment firms. Patrick began his career at Goldman Sachs in London and New York and was a former senior vice president at Pacific Century Ventures in Tokyo.

In 2009, Patrick was honored with the prestigious Young Entrepreneur of the Year award. He holds a Bachelor of Science degree in Operations Research & Industrial Engineering from Cornell University.

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