GoTo Gojek Tokopedia (GOTO), Indonesia's leading tech conglomerate, has announced that CEO Patrick Sugito Walujo will continue to lead the company until at least 2029. This decision follows a period of significant financial growth and operational milestones under his leadership.

In the third quarter of 2024, GoTo reported a remarkable 74% year-on-year (YoY) increase in Gross Transaction Value (GTV), reaching Rp 72 trillion (approximately $4.46 billion). This substantial growth was accompanied by a 34% YoY rise in gross revenue, totaling Rp 4.7 trillion. A key contributor to this success was a 21% YoY increase in Monthly Transacting Users (MTUs) across GoTo's diverse ecosystem, indicating enhanced user engagement and market penetration.

Patrick Walujo, who assumed the CEO position in 2023, has been instrumental in steering the company towards profitability. Under his guidance, GoTo achieved a positive adjusted EBITDA of Rp 137 billion ($8.73 million) in the third quarter of 2024, a significant turnaround from a loss of Rp 559 billion ($35.6 million) in the same period the previous year.

Expressing his commitment to GoTo's future, Walujo stated, "Leading GoTo for the past 18 months has been an incredible honor, and I am proud to commit to the company’s long-term future." He emphasized the company's unique position to drive digital transformation in Indonesia, empower businesses, and contribute significantly to the national economy.

The company's board has endorsed a performance-based retention package as part of Walujo's extended contract, reflecting confidence in his leadership and the strategic direction he has set for GoTo. Agus D. W. Martowardojo, GoTo’s President Commissioner, remarked on the transformation under Walujo's leadership, highlighting the long-term benefits anticipated for shareholders and stakeholders.

GoTo's strategic initiatives have not only improved financial metrics but also strengthened its market position. The company has effectively reduced costs while expanding its user base, maintaining a solid cash position with Rp 23.0 trillion ($1.5 billion) in cash, cash equivalents, and short-term time deposits as of March 31, 2024.

Looking ahead, GoTo aims to continue this trajectory of profitable growth, leveraging its integrated ecosystem to meet the evolving needs of Indonesian consumers and businesses. With Walujo at the helm, the company is poised to further solidify its status as Indonesia's leading tech entity, driving innovation and contributing to the nation's digital economy.

In summary, Patrick Walujo's extended tenure as CEO, coupled with GoTo's impressive financial performance, underscores a period of robust growth and strategic advancement for the company. As GoTo continues to execute its vision, it stands as a pivotal player in Indonesia's technological landscape, fostering economic development and digital transformation across the region.