Walujo’s resignation comes as talks of a possible merger between GoTo and Singapore-based rival Grab have heated up, with the Indonesian government discussing it with the two companies earlier this month.

In a statement, GoTo said the changes reflected its “commitment to ensuring stability, strategic continuity, and operational excellence as GoTo enters its next phase of sustainable growth and profitability.”

Patuwo’s appointment as CEO is subject to approval from a shareholders’ meeting scheduled for Dec 17. GoTo said Patuwo has led key business lines in his nearly eight years with the firm.

GoTo’s shares rose as much as 6.3% after the announcement of Walujo stepping down, according to LSEG-compiled data.

Walujo has been CEO since June 2023. His private equity firm, Northstar Group, was one of the earliest backers of GoTo’s ride-hailing business, Gojek.

On Nov 12, GoTo said that it had consistently backed government policies that benefit driver-partners and merchants, including those goals being pursued through mergers or acquisitions.