GoTo to seek shareholder nod for Andre Soelistyo’s board exit, $200m buyback

Photo credit: GoTo Group

Indonesia’s GoTo Group has unveiled plans for its upcoming annual general meeting and extraordinary general meeting of shareholders, which involves proposed shifts in the firm’s top management.

Co-founder William Tanuwijaya and director Melissa Siska Juminto have completed their terms on GoTo’s board. Meanwhile, former Gojek co-CEO Andre Soelistyo is set to step down from his role on the board “to pursue other interests.” It is unclear how involved Soelistyo will be in GoTo’s operations moving forward.

Additionally, the company plans to make CEO Patrick Walujo eligible to hold series B shares while ensuring no dilution for current shareholders as no new series B shares will be issued.

John Prasetio, the president commissioner of the Indonesian Stock Exchange, is expected to become an independent commissioner at GoTo. He will succeed Robert Holmes Swan, who was appointed in 2021.

Moreover, the company will discuss the US$200 million share buyback program that it announced earlier this year. The scheme will undergo regular checks and potential revisions by the company’s leadership, GoTo said in a statement.

“Cash flow is improving, and as there is significant value in our stock, we believe a buyback is prudent as we look to ensure we are using our resources efficiently,” said Walujo.

GoTo recorded an 89% year-on-year improvement in adjusted EBITDA for the first quarter of 2024, reporting an adjusted loss of US$6.2 million.

See also: How ruthless execution delivered GoTo CEO his 1st quarterly profit