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Six Express Taxi board members resign amid decline
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A taxi of the Express Group transportation company. (Kontan/Baihaiki)
P
ublicly listed taxi operator Express Transindo Utama have recently seen the resignation of six of its board members, including its president director.
According to information disclosed on Friday, two directors, president director Daniel Podiman and finance director David Santoso, recently handed in their resignation letters. All four commissioners, Tan Tjoe Liang, Darjoto Setyawan, Sylvanus Yulian Wenas and Paul Capelle also resigned from the company.
Only two directors remained, operational director Herwan Gozali and independent director Shafruhan Sinungan.
Corporate secretary Handy Prawira in a separate disclosure letter said the change would be effective after its extraordinary shareholder meeting on Jan. 19 next year. The company had already received nominations for replacements.
"The change of directors and commissioners on the board is needed to face the challenges of the current taxi business," he said in the official letter on Friday.
He said the company’s new management would be more resilient and have the vision to optimize financial and operational performances.
The company was facing tough competition from online-based transportation services. In the third quarter, it suffered Rp 81.8 billion (US$6.05 million) in losses given its drastic 28.95 percent year-on-year (yoy) revenue drop.
Company owner Rajawali Corpora has been trying to sell its 51 percent stake in Express since 2015. Investment company Saratoga Investama Sedaya reportedly was a willing buyer but later canceled. Until now, Rajawali has not found any prospective buyers. (evi)
