Soelistyo, 39, helped carry out the merger that created Indonesia’s biggest internet company. Since its initial public offering in April 2022, though, GoTo’s shares have fallen more than 60% as tight competition has kept Southeast Asia’s ride-hailing, delivery and fintech contenders in the red.
Andre Soelistyo will step down as chief executive officer of GoTo Group, a surprise move that comes just months after he outlined a plan to bring the Indonesian internet company closer to profitability.
He will be replaced by Patrick Walujo, managing partner of private equity firm Northstar Group, GoTo said in a statement Thursday. Northstar is one of the earliest investors in ride-hailing pioneer Gojek, which later merged with local e-commerce provider Tokopedia to form GoTo. Walujo, 47, has most recently been serving as a commissioner of GoTo. Shares of GoTo climbed more than 7% in Jakarta.
