Indonesian digital ecosystem GoTo has announced that CEO Patrick Sugito Walujo will remain in his role until 2029.

The decision comes as GoTo reports notable financial improvements and positive adjusted EBITDA under Patrick’s leadership.

In the third quarter of 2024, group core gross transaction value (GTV) rose 74% year-on-year to Rp 72.0 trillion, while gross revenue increased by 34% to Rp 4.7 trillion.

Monthly Transacting Users (MTUs) also grew by 21% during the same period.

GoTo’s Board of Commissioners has approved a performance-based retention package as part of the arrangement for Patrick to extend his tenure.

The company achieved positive adjusted EBITDA in the fourth quarter of 2023 and is said to be on track to sustain this for the full year of 2024.

Patrick Walujo, GoTo CEO, said,

“Leading GoTo over the past 18 months has been an incredible honor and I am proud to commit my long term future to the Company. My time here has given me great belief in the immense potential of our team, our vision, and our commitment to driving Indonesia’s digital transformation.

As a company, we are uniquely positioned to shape the future of technology in Indonesia, empowering businesses, enhancing everyday lives, and contributing meaningfully to the nation’s economy.”

Agus D. W. Martowardojo, President Commissioner of GoTo, said,

“Over the course of Patrick’s tenure as CEO, the company’s prospects have been transformed, setting the stage for long term benefits for shareholders and other stakeholders. GoTo achieved positive adjusted EBITDA in the fourth quarter of 2023 and is on track to achieve this for the full year of 2024. At the same time, growth and profitability have continued to trend upwards.

I therefore proudly welcome Patrick’s intention to commit his long term future to the company and look forward to working with him to further stakeholder interests over the coming years.”

Featured image credit: Edited from Freepik

The article first appeared on Fintech News Singapore