GoTo Group extends CEO Patrick Walujo's leadership until 2029

GoTo Group has announced the extension of Patrick Sugito Walujo’s tenure as CEO until 2029 after making "significant improvements" to the company over the past year.

Walujo (pictured), who was sworn in as CEO in June 2023 replacing Andre Soelistyo, has steered the company closer to profitability. At that time, the appointment of the Northstar Group co-founder and managing partner was seen as a move to stabilise GoTo's performance amid mounting investor pressure.

In Q3 2024, the company achieved 74% year-on-year growth in core gross transaction value to IDR 72 trillion (US$4.5 billion) and a 34% year-on-year increase in gross revenue to IDR 4.7 trillion (US$292 million), the Indonesian tech giant said in a statement.

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Despite these operational achievements, GoTo shares have reportedly declined by around 40% since Walujo’s appointment. However, the company remains optimistic about its long-term growth trajectory, with the board of commissioners approving a performance-based retention package to support Walujo’s commitment to driving sustainable, profitable growth.

"As we look ahead to the new year and drive towards profitable growth, I am confident that we can cement our position as our country’s leading tech company for many years to come," Walujo said.

Meanwhile, GoTo Group President Commissioner Agus Martowardojo stated that the company delivered positive adjusted EBITDA in Q4 2023 and is well-positioned to maintain this performance throughout 2024.

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