GoTo chief to step down

Andre Soelistyo, the head of GoTo Group, will step down from the position of chief executive in the next few months, a surprise move that comes just months after Soelistyo outlined a plan to bring the Indonesian internet company closer to profitability.

He will be replaced by Patrick Walujo, the managing partner of Northstar Group, GoT said in a statement. Northstar, one of the early investors in ride-hailing pioneer Gojek, merged with local e-commerce pioneer Tokopedia to form GoTo. Walujo has been a Goto commissioner for the past few months.

Soelistyo helped carry out the merger that created Indonesia's biggest internet company. Although GoTo shares have dropped more than 60% since its initial public offering in April 2022, the company's shares have risen more than 60%.

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