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View all search resultsAnalysis: Patrick Walujo exits as GoTo CEO, speeding up long-awaited Grab–GoTo merger
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The GoTo logo sign adorns the technology conglomerate’s head office in Kebayoran Baru, South Jakarta, in this handout photo. (GoTo/Public relations)
P
atrick Walujo has stepped down as CEO of GoTo Gojek Tokopedia Tbk (GoTo), a move that appears to open the way for accelerated acquisition talks with Grab. Several major GoTo backers—including SoftBank, Provident, and Peak XV—were reported to have pushed for his removal, believing he had resisted the proposed takeover. The company has since announced its chief operating officer, Hans Patuwo, as the leading candidate to replace Patrick. The leadership transition comes at a sensitive moment for GoTo, amid persistent merger rumors that have reportedly drawn the attention of the Palace.
To briefly recap, confidence in Patrick had been weakening among many shareholders. Under his leadership, GoTo's market value declined by more than 40 percent, amplifying frustration among investors who had already been anxious about the company's long-term direction. Adding to this skepticism, Patrick had only a few months earlier attempted to frame GoTo's performance more positively by spotlighting the company's record-high EBITDA, an indicator not typically viewed as a key indicator of overall performance for a technology platform company, leading many investors to interpret the messaging as an attempt to mask deeper issues.
Tensions escalated further in the months that followed. Patrick became entangled in scrutiny from the Indonesian Attorney General's Office (AGO) regarding Telkomsel's controversial pre-IPO investment in Gojek, a longstanding issue that resurfaced unwelcome questions about governance practices during the lead-up to GoTo's listing. Around the same period, he was also reported to have made a hasty move by inviting several former shareholders—individuals who had already cashed out of GoTo—to join him in a joint repurchase of Telkomsel's shares. These former stakeholders rejected the proposal, asserting that any major reshuffling of ownership should only be considered after the outcome of the potential GoTo–Grab merger became clear, not before.
All these developments added to the growing unease among major investors. The cumulative erosion of confidence ultimately led a group of shareholders to sign a memo to the board on Nov. 11, formally requesting an extraordinary general meeting of shareholders (EGMS) to address mounting governance and leadership concerns.
Another factor driving shareholders' urgency to remove Patrick was the sudden shift in the political landscape surrounding the long-rumored GoTo–Grab merger. In a rare move, the Palace publicly confirmed that discussions regarding a potential GoTo–Grab merger were indeed underway. Moreover, it disclosed that Daya Anagata Nusantara (Danantara)—Indonesia's state-backed superholding and sovereign wealth fund—was directly involved in the process.
The revelation took many by surprise. For years, observers believed that the Indonesian state was a key source of opposition against the consolidation between Indonesia's two largest ride-hailing platforms, viewing such a merger as a step toward an overwhelming monopoly. Instead, the Palace's confirmation suggested that the government was now willing to even facilitate a consolidation at the very top of Indonesia's digital economy.
Receptions are mixed. On one hand, some feel that Danantara's participation may help mitigate concerns that consumers would be harmed by the merger. Even with only a minority stake, Danantara could exert meaningful oversight to prevent predatory pricing, ensure sustainable operations, and act as a counterweight to the monopoly power that a combined GoTo–Grab entity would wield. On the other hand, this could also be perceived as the government inserting itself too deeply into a deal that benefits a small circle of politically connected investors — raising familiar anxieties about cronyism and the risk that state influence might tilt the playing field in favor of preferred corporate groups rather than the broader public interest.
