Hans Patuwo gets GoTo shareholders’ nod as CEO amid investor push for Grab deal

[JAKARTA] Shareholders of Indonesia’s digital giant GoTo Group have approved the appointment of Hans Patuwo as president director and chief executive officer.

The appointment was approved at GoTo’s annual general meeting (AGM) of shareholders on Wednesday (Dec 17). Patuwo takes over from Patrick Walujo, 50, with immediate effect.

The management change comes as investors increasingly push the company to pursue strategic options – including a potential merger with Singapore-based ride-hailing rival Grab – to unlock value and accelerate profitability.

Shareholders also endorsed changes to the company’s board composition, a move analysts view as part of broader governance adjustments taking place as investor scrutiny intensifies.

The transition comes as GoTo faces sustained pressure, with its share price continuing to languish since its initial public offering in 2022 and years of losses amid intense competition in South-east Asia’s digital services market.

Market speculation has repeatedly focused on a potential tie-up between GoTo and Grab, with Indonesia’s sovereign wealth fund Danantara reportedly eyeing a golden share in the deal, although neither company has confirmed any active negotiation.

GoTo’s management has maintained that its priority remains improving operational discipline and strengthening its core businesses.

Patuwo noted in a statement: “As we move forward, my focus will be on continuing our disciplined execution and delivering long-term value for all stakeholders in our ecosystem.

“Our driver-partners are at the forefront of our success, alongside the merchants and consumers who rely on our services every day.”

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GoTo’s shares fell on Wednesday, closing nearly 3 per cent lower and bringing their year-to-date decline to 7 per cent.

Investor expectations

While merger narratives have dominated headlines, GoTo’s underlying business performance has begun to show signs of stabilisation.

The company has raised its performance guidance, and analysts increasingly expect it to turn profitable next year. Still, in the near term, investor focus remains skewed towards potential corporate actions rather than fundamentals.

Macquarie Group analyst Ari Jahja said that sentiment around GoTo continues to be driven more by expectations of mergers and acquisitions (M&A) than operational improvements. “Although business prospects are improving, M&A sentiment remains the dominant near-term driver,” he said in a note.

Several global investment banks, however, have expressed optimism about GoTo’s longer-term trajectory as a standalone business.

JPMorgan reiterated an overweight rating on GoTo, describing the company as the strongest proxy for Indonesia’s digital economy.

“We maintain an OW (overweight) rating on GoTo,” noted Henry Wibowo, JP Morgan Sekuritas’ head of Indonesia research and strategy. The bank projected adjusted earnings before interest, taxes, depreciation, and amortisation of around US$280 million by 2027 – more than double its 2025 estimate.

It also highlighted improving competitive dynamics across GoTo’s on-demand and e-commerce segments, driven by a stronger focus on monetisation and a more disciplined approach to growth. “We believe the new management team has delivered solid execution in balancing growth and profitability over the past two years.”

At the AGM, shareholders also approved the resignations of Pablo Malay and Winato Kartono from GoTo’s board of commissioners. Andre Soelistyo, a GoTo co-founder and former CEO, and Santoso Kartono were appointed to replace them.

Patuwo, who was born in 1976, brings nearly eight years of experience from across Gojek, GoPay and the broader GoTo Group.

He joined Gojek in 2018 as chief operating officer, overseeing operations and the driver-partner ecosystem, before moving in 2021 to lead what would become GoTo Financial, including the launch of the group’s lending business. He was appointed GoTo’s chief operating officer in early 2024.

Before joining Gojek, Patuwo worked across the US, China and Singapore in multinational companies, including as a partner at management consulting firm McKinsey & Co.