In a major management change, Gojek co-founder and CEO and GoTo director Kevin Aluwi is stepping down from his executive position to join GoTo’s board of commissioners.
GoTo Group chief executive officer Andre Soelistyo will take over Aluwi’s responsibilities once the shareholders approve the changes at the company’s annual general meeting on June 28, per a company announcement.
In addition to GoTo, Aluwi will assume the role of a commissioner at Electrum, a joint venture between Gojek and TBS Energi Utama that aims to build a two-wheel EV ecosystem in Indonesia.
“I am extremely proud of how Gojek has grown to become Indonesia’s leading on-demand business that is relied on by millions of people, both at home in Indonesia and throughout Southeast Asia,” said Aluwi in a statement issued on Monday. The firm’s on-demand services gross revenue grew 58% in 1Q22 alongside positive signs of recovery in mobility, he added.
This transition means Aluwi is moving to a less day-to-day operational role. While he’ll continue to be involved at a strategic level with GoTo management, Aluwi will use this opportunity to pursue personal interests within the tech space. “I’m a builder at heart and I’m deeply passionate about how technology can be used to move the world to a better place; some areas I’m particularly excited to be more involved in are web3, gaming, and climate tech,” he said.
Aluwi co-founded Gojek in 2010 with Nadiem Makarim and Michaelangelo Moran. Moran left the firm in 2016 while Makarim left his post as CEO in 2019 following his appointment as Indonesia’s minister of education and cultural affairs.
After Makarim’s departure, Aluwi and Soelistyo (who was previously Gojek’s president) took the helm as co-CEOs. Subsequently, Gojek merged with Tokopedia to form GoTo in May 2021 and the combined entity raised $1.1 billion in its April IPO on the Indonesian Stock Exchange.
“I have had the privilege of working alongside Kevin for almost a decade and I am grateful to have been able to work closely with him and other leaders to form GoTo, ultimately bringing the company to list on the IDX,” said Soelistyo.
Aluwi will take Caesar Sengupta’s seat on the GoTo Board of Commissioners, as Sengupta steps down to focus on his company, Arbo Works, and continue in his role as a commissioner at GoTo Financial.
GoTo recorded 21.39 trillion rupiahs ($1.47 billion) in losses in 2021, up 50.55% from the previous year, according to the firm’s financial report. Its gross revenue stood at 17 trillion rupiahs in 2021, up 43.51% from 11.85 trillion rupiahs in 2020 and 10.41 trillion rupiahs in 2019.
The company’s 2021 first-quarter report showed strong revenue growth and higher user engagement as the firm focused to improve profitability. GoTo reported YoY growth of 46% in GTV, and revenue growth of 53% YoY in Q12022, signifying higher take rates for the overall business, which increased from 3.5% to 3.7%.