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Jakarta Post

‘Shake-ups at state firms could hurt confidence’

  • Stefanno Reinard Sulaiman and Winny Tang

    The Jakarta Post

Jakarta   /   Fri, September 14 2018   /  12:46 am

Nothing is unusual about a change of leadership in an organization or a corporation, but such change, if made too frequently, could raise eyebrows.

In less than a month, three giant state-owned enterprises (SOEs) have each seen a reshuffle on the grounds that such moves were needed to help improve performance.

The three state companies are energy holding firm Pertamina, gas subholding firm PT Perusahaan Gas Negara (PGN) and national flag carrier PT Garuda Indonesia.

The most recent reshuffle was carried out by Pertamina, which named on Thursday three new directors less than a month after its human resources director, Nicke Widyawati, was promoted to president director.

The government decided in April to remove Elia Massa Manik from his post as Pertamina president director, not long after the company’s management warned of potential revenue decline if Pertami...