Indonesia’s GoTo Extends Stock Slump After Shaking Up Top Ranks
- Tech firm struggling to reach profitability as growth slows
- Stock has plunged 67% since last year’s stock-market debut
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GoTo Group shares resumed their decline after the Indonesian ride-hailing and delivery giant sidelined several key executives and switched up its board following a steep market selloff.
Undertaking its biggest management reshuffle yet, the country’s biggest tech company announced Wednesday that group president Patrick Cao is relinquishing his post to run a company endowment fund. The head of its Tokopedia unit, William Tanuwijaya, will no longer lead the local e-commerce pioneer he founded in 2009, though he’ll remain a commissioner and co-chairman of GoTo.