SoftBank Group, along with other shareholders including Provident Capital Partners and Peak XV, are reportedly calling for the ouster of GoTo Group chief executive officer Patrick Walujo.
A Bloomberg report, which cited people familiar with the matter, said SoftBank Group and other prominent shareholders have signed a memo calling for a special meeting to vote on proposals including removal of Walujo.
GoTo’s board on Monday said it has scheduled an extraordinary shareholder meeting for Dec. 17, without providing an agenda.
Walujo took over as the new CEO of GoTo Group in June 2023 as part of the company’s massive leadership restructuring. In January this year, GoTo announced that Walujo has committed to stay on as CEO until 2029.
If Walujo is removed, talks about an acquisition by Grab Holdings could accelerate. Walujo is reportedly perceived as opposed to a takeover by Grab.
Last week, the presidential spokesperson said that Indonesia is discussing a possible merger or acquisition between the two tech giants.
Grab and GoTo have been in on-and-off merger discussions over the past few years, but the latest round has been seen as the most advanced negotiations the parties have had, according to people aware of the development.
DealStreetAsia first wrote about the resurfacing of talks between the two tech majors in February this year. It was followed it up with another report about a carve-out of GoTo Financial, which sparked a series of news about its progress, potential financing for the transaction, and discussions with Danantara Indonesia.
GoTo is on the cusp of profitability. After years of heavy spending, fierce competition, and balancing growth and costs, the Indonesian ride-hailing and delivery giant is now just $15 million away from breaking even.
The shift marks a notable turnaround from the company’s recent history of steep losses, which ran into the hundreds of millions. In Q2 last year, net losses stood at $120 million, followed by $100 million in Q3.
