- GoTo to reshuffle board, with founders exiting.
- CEO Walujo to gain more power.
- $200M buyback planned amid improving finances.
In an upcoming shareholder extravaganza, GoTo Group has unveiled plans for reshuffling its top brass and buying back a cool $200 million worth of shares.
Co-founder William Tanuwijaya and director Melissa Siska Juminto are bidding adieu to the board after completing their terms. Meanwhile, former Gojek co-CEO Andre Soelistyo is set to pursue fresh pastures, stepping down from his board role.
New faces, new roles
GoTo’s CEO Patrick Walujo might soon be eligible to hold series B shares, sans dilution for existing shareholders.
John Prasetio, the Indonesian Stock Exchange’s president commissioner, is tipped to join as an independent commissioner, succeeding Robert Holmes Swan, who hopped aboard in 2021.
Share buyback frenzy amid improving financials
The $200 million share buyback program, announced earlier this year, will be up for discussion.
CEO Walujo cited improving cash flow and significant stock value as reasons for the “prudent” buyback, aimed at efficient resource utilization. GoTo’s Q1 2024 adjusted EBITDA loss of $6.2 million marked an 89% year-over-year improvement.
To read the original article: https://www.techinasia.com/goto-nod-board-changes-200m-buyback-next-shareholder-meet
