Indonesia Internet Pioneer Replaces CEO as It Races for Profit
- Soelistyo stepping down after helping to build company
- Profit remains far off as competition weighs on prices
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Indonesian internet company GoTo Group is replacing its chief executive officer, seeking fresh leadership to reverse years of losses and tackle intensifying competition.
Andre Soelistyo, who helped build the company over the past eight years, will step down and be replaced by Patrick Walujo, managing partner of private equity firm Northstar Group. 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 7.8% in Jakarta.