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Gojek CEO Kevin Aluwi to step down

SINGAPORE (THE BUSINESS TIMES) - Mr Kevin Aluwi, the co-founder of Indonesian tech giant Gojek, is stepping down from his chief executive position and becoming a GoTo commissioner. Mr Aluwi will also become a commissioner at the Gojek's electric vehicle venture.

The transition is subject to shareholder approval at GoTo's annual general meeting on Jun 28. GoTo Group CEO Andre Soelistyo will assume Mr Aluwi's roles and responsibilities.

Under Indonesia's two-tiered board structure, the board of directors is responsible for the day-to-day operations of the company, while the board of commissioners supervises the directors and has no executive powers.

Mr Aluwi said in a press statement: "After almost a decade of leading Gojek, I feel that the time is right for me to move to a less day-to-day role. As a member of the board of commissioners, I will continue to be involved at a strategic level with GoTo management, and also have more time to explore my personal interests within the technology space."

He called himself a "builder at heart" and cited involvement in the growing areas of Web3, gaming and climate tech.

Mr Aluwi is tipped to become commissioner at Electrum, a joint venture between Gojek and TBS Energi Utama that aims to build a two-wheel electric vehicle ecosystem in Indonesia.

He will take Google veteran Caesar Sengupta's seat on the GoTo board of commissioners, as Sengupta steps down to focus on his fintech startup Arbo Works. Sengupta will continue as commissioner at GoTo Financial, GoTo's financial services arm.

Shareholders will also vote on Jun 28 to renew the delegation of authority to the board of commissioners for the issuance of new shares, in relation to a proposed international initial public offering (IPO).

GoTo, formed through the merger of Gojek and e-commerce player Tokopedia, has taken pains to assure investors of a path to profitability.

Last Monday, the company posted a Q1 net loss of 6.5 trillion rupiah (S$609.8 million), which more than tripled from a year ago. This was despite net revenue rising 65.5 per cent to 1.5 trillion rupiah.

GoTo's counter closed at 330 rupiah on Monday, down 24 rupiah or 6.78 per cent. The company's shares are down 2.4 per cent from their IPO price of 338 rupiah.