GoTo clarifies extraordinary meeting agenda amid CEO replacement speculation

GoTo Group has responded to speculation surrounding the upcoming extraordinary general meeting of shareholders and rumours of CEO Patrick Walujo’s replacement, assuring investors that the planned meeting is part of routine corporate governance and not linked to any strategic transaction.

In an official disclosure to the Indonesia Stock Exchange, GoTo director and corporate secretary R.A. Koesoemohadiani stated, “As a publicly listed company, convening an extraordinary general meeting of shareholders is part of our corporate governance procedure and should not be a cause for concern.”

She confirmed that the official invitation for the meeting will be shared on 25 November 2025, following a thorough review by the board of directors and relevant parties.

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Koesoemohadiani emphasised that the company’s leadership remains united in its priorities. “The president director, board of directors, and management remain fully committed to acting professionally and in the best interests of the company and all stakeholders,” she said.

The clarification comes after reports surfaced that several shareholders, including SoftBank Group Corp., Provident Capital Partners, and Peak XV, had signed a memorandum requesting a meeting to vote on the potential replacement of Walujo. Sources cited by Bloomberg suggested the move stemmed from concerns over GoTo’s declining market value - down more than 40% during Walujo’s tenure - and his reported opposition to a possible takeover by Singapore-based Grab.

GoTo has also refuted claims about a US$300 million escrow fund in Singapore, allegedly tied to strategic transactions between GoTo and Grab or a buyout of GoTo shares held by Telkomsel. “The information is not true,” Koesoemohadiani asserted.

She reiterated that GoTo’s current focus remains on long-term growth and operational execution. “The company’s focus continues to be on execution and delivering on the company’s strategic goals to create long-term value for shareholders and the wider GoTo ecosystem.”

Walujo, who assumed the CEO role in 2023, has overseen GoTo’s continued integration of its Gojek and Tokopedia businesses amid an increasingly competitive Southeast Asian digital economy. The clarification appears aimed at stabilising market sentiment as investor attention turns toward the company’s governance decisions and potential strategic shifts.

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