According to Fortune, GoTo Group is replacing CEO Patrick Walujo with current COO Hans Patuwo in a move expected to speed up Grab Holdings’ takeover of Indonesia’s largest internet company. The leadership change comes after GoTo lost more than 40% of its value during Walujo’s two-and-a-half-year tenure, despite him steering the company to its first profit. Shares jumped 6.3% Monday, giving GoTo a market value of about $5 billion compared to Grab’s $20 billion capitalization. The appointment requires shareholder approval at a December 17 extraordinary general meeting, where co-founder Andre Soelistyo will also join the board of commissioners. Indonesia’s sovereign wealth fund Danantara is reportedly exploring a minority stake in a combined entity to address monopoly concerns.
CEO ouster backstory
Here’s the thing about this sudden leadership change – it’s a complete reversal from just January, when GoTo said Walujo would run the company for years to come. So what changed in less than a year? Basically, the co-founders and major investors like SoftBank got tired of watching the stock bleed while Walujo reportedly opposed the Grab takeover. He delivered profitability, sure, but shareholders care about share price too. And when you’re down 40% while your potential acquirer is worth four times more, something’s gotta give.
Grab takeover implications
This feels like the Southeast Asian tech version of “if you can’t beat ’em, join ’em.” Grab has been the dominant player across the region, while GoTo has struggled to expand beyond Indonesia. Now with the government’s sovereign wealth fund getting involved and apparently smoothing the regulatory path, a merger that seemed impossible just months ago suddenly looks inevitable. The Citigroup analysts nailed it – this leadership transition signals a pivot toward making the Grab deal happen. And let’s be real, when your competitor is worth $20 billion and you’re at $5 billion, sometimes the smartest move is to cash out.
New CEO challenges
Hans Patuwo is stepping into what might be the shortest CEO tenure in tech history if this Grab deal goes through. His main job isn’t really to run GoTo long-term – it’s to navigate the company through acquisition talks while keeping operations stable. He’s got the operational background from his seven years at the company, starting from the ground up with drivers and merchants. But let’s be honest, his real test will be whether he can get this merger across the finish line without getting bogged down in the same internal politics that apparently tripped up his predecessor.
Competitive landscape shift
If this deal happens, we’re looking at a massive consolidation in Southeast Asia‘s ride-hailing and delivery markets. Indonesia would essentially have one dominant player combining Gojek and Grab’s operations. That’s huge for a country of 270 million people where these superapps have become essential daily services. The monopoly concerns are real, which is why Danantara’s potential involvement as a “national interest” safeguard makes sense politically. But for consumers? Less competition usually means higher prices and less innovation. It’s the classic tech consolidation playbook we’ve seen play out everywhere from food delivery to streaming.
