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 pioneer Tokopedia to form GoTo. Walujo has most recently been serving as a commissioner of GoTo.
Soelistyo 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%.
