Patrick Walujo is reportedly set to step down as CEO of GoTo ahead of the company’s extraordinary general meeting on December 17.

Sources said Hans Patuwo, GoTo’s chief operating officer for on-demand services, is being considered as his replacement.

Some key investors, including SoftBank Group, Provident Capital Partners, and Peak XV, are said to have requested a shareholder vote to replace the CEO, citing a drop of over 40% in GoTo’s market value during Walujo’s tenure.

The potential leadership change comes amid speculation of a possible merger between GoTo and Grab, which Walujo reportedly opposed.

GoTo’s corporate secretary said the upcoming meeting is part of standard corporate governance and is not tied to any specific corporate action.

The company also denied reports regarding a US$300 million escrow fund in Singapore linked to a strategic transaction with Grab.

🔗 Source: Bisnis Indonesia

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