DIGIVESTASI - This phenomenon happened to startups Gojek and Tokopedia. All the founders of the company who also own shares with double voting rights have left Tokopedia, the GoTo Gojek technology publishing company. Most recently, Tokopedia Founder William Tanuwijaya and Tokopedia President Melissa Siska Juminto whose terms as Commissioner and Director of GOTO have ended. Their working hours are no longer extended. 

Meanwhile, Andre Soelistyo, a central figure in the Gojek-Tokopedia merger and co-founder of GOTO, will also resign from the company's board of directors. But by now, some of the key figures behind Gojek and Tokopedia have disappeared from key positions at GOTO. 

For example, Kevin Aluwi is known to have resigned from his position leading GOTO last year. It is known that in the first merger of GOTO, he served as a director, then his position was transferred to company commissioner until he no longer held that position. 

A similar working pattern occurred in Melissa's case. When the merger process began, she served as a director, but after two years, she did not renew her position with the company. André, who initially served as a senior director at GOTO after the merger, was also appointed as a commissioner until he resigned from the position. It is known that last year his position was taken over by Patrick Walujo. 

William himself was originally the only person who held a commissioner position at GOTO since Gojek and Tokopedia merged.

But from now on, he no longer works for the technology generator. 
In fact, these four figures William, Melissa, Andre, and Kevin are the central figures behind Gojek, Tokopedia, and GOTO. This is indicated by the ownership of Series B shares which have 30 times the voting rights of ordinary shares. 
 

Nadiem to Léontinus Alpha Edison 
Actually, looking back, the founders were the first to be left behind. Gojek founder who is currently Minister of Education, Culture, Research and Technology Nadiem Makarim has not held an important position in Gojek for a long time.  

Citing the GOTO IPO prospectus, Nadiem is known to have owned 20.50% of Gojek shares when the company was founded. However, his name no longer appears as a shareholder in the GOTO merger. Tokopedia founder Leontinus Alpha Edison, who owned Series A and Series B shares at the start of the GOTO merger, also lost his name after the merger was officially completed and the company was listed on the GOTO Indonesia Stock Exchange.

Setiawan Aluwi, Kevin's father, was also rumored to own Series B shares at the start of the GOTO merger, but lost them before the listing, citing the company's IPO prospectus. 
 

Essentially, at the time of the IPO, only 4 Series B shareholders remained: Andre, Kevin, William, and Melissa. In addition to these entities, PT Bahan Anak Bangsa (SAB), which is controlled by Andre, Kevin, and William, also owns some of the Series B shares.

GOTO shareholders and remaining management 
The question then arises. Who are the remaining shareholders and board of directors of GOTO? 
Quoting RTI Business, as of April 30, 2024, the names Andre, Kevin, William, and Melissa are still listed as major shareholders. William holds 12.58 billion and 7.29 billion GOTO shares, while Andrew holds 6.73 billion and 2.61 billion shares. 

Next, Kevin holds 3.27 billion shares and 1.05 billion shares of GOTO. Melissa owns 3.99 billion shares and 1.08 billion GOTO shares. 
In addition to these four people, PT Bahan Anak Bangsa (SAB) is listed as the majority shareholder with 26.88 billion GOTO shares. The company itself is an entity controlled by André. 

But what about the rest of the management team? In the data seen by CNBC, it currently includes: 

President Commissioner: Agus D.W. Martowardojo 

Independent Commissioner: Marjorie Tiu Lao 

Independent Commissioner: Robert Holmes Swan 

Independent Commissioner: Dirk Van den Berghe 

Commissioner : Wishnutama Kusubandio 

Commissioner : Winato Kartono 

President Director: Patrick Walujo 

Deputy Director: Thomas K. pushing fast 

Director: Pablo Malay 

Director: Wei-Jye Jacky Lo 

Director: Hans Patuwo 

Director: Catherine Hindra Sutjahyo 

Director: Nila Marita 

The analyst said 
Meanwhile, Cheryl Tanuwijaya, Head of Research at Mega Capital Sekuritas, sees the change in GOTO's central character as a continuation of the startup's transformation into a tech giant. She said the company is moving towards a more “mature” state. 

She explained that William and Melissa's current position is closely related to the Tokopedia merger. Tokopedia's status is no longer fully controlled by GOTO but as an affiliated entity following the change in control of e-commerce which is now under TikTok.

He also explained that GOTO's leadership is currently in the hands of CEO Patrick Walujo. According to him, under Northstar Group's leadership, GOTO has become more focused and has a clear roadmap to achieve profits. “At this scale, GOTO can no longer operate like a startup. GOTO must evolve into a more mature technology company to achieve its desired profitability goals. “ Cheryl said. 

Cheryl also highlighted Patrick's achievements over the past year of running the GOTO business. Some areas of concern are achieving GOTO's profitability, managing operational costs more effectively and refocusing on promising business segments. 

He has also been instrumental in accelerating GOTO Financial's business as a new growth engine. Just so you know, over the past five quarters, the value of BNPL's cash and loan balances at GoTo Financials (GTF) reached Rp 2.7 trillion. Growth reached more than 30% every quarter. 

Meanwhile, the bad debt ratio (NPL) is also at 1.3%, lower than the financial sector. After that, in the ODS segment, especially Gojek, GOTO's profits increased. 
In the first quarter of 2024, the ODS segment recorded a positive adjusted EBITDA of Rp 166 billion. ODS became the first segment to achieve profitability.

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