GoTo taps new CEO in step toward game-changing Grab takeover

Core Viewpoint - GoTo Group has appointed a new CEO, Hans Patuwo, to replace Patrick Walujo, aiming to expedite the takeover by Grab Holdings Ltd, following pressure from investors due to poor stock performance [1][2] Leadership Changes - Hans Patuwo, the new CEO, is expected to lead GoTo through a challenging period and revive discussions regarding a merger with Grab [4] - Co-founder Andre Soelistyo has been appointed to the board of commissioners, indicating a shift in governance structure [8][9] Market Reaction - Following the announcement, GoTo's shares rose by 6.3%, bringing its market value to approximately $5 billion, while Grab's market capitalization stands at $20 billion [3] Strategic Implications - The leadership change may signal a renewed focus on operations and could facilitate the long-stalled merger discussions with Grab, especially with the Indonesian government's involvement [3][4] - Indonesia's sovereign wealth fund, Danantara, is exploring a minority stake in a potential combined entity, which could alleviate monopoly concerns and protect consumer interests [5][6] Background of New CEO - Hans Patuwo has over seven years of experience at GoTo, previously working in various roles including heading payments and financial services [7]