Press Release

SoftBank, other shareholders seek to remove GoTo CEO

• ByStartupStory     |    November 11, 2025

SoftBank and other shareholders are pushing for the removal of GoTo Group CEO Patrick Walujo amid growing tensions over the company’s strategic direction and potential acquisition talks. SoftBank Group, Provident Capital Partners, and Peak XV have reportedly signed a memo calling for a special shareholder meeting to vote on proposals including the ouster of Walujo.

Walujo took over as CEO in June 2023 as part of a major leadership restructuring and had committed to staying through 2029. However, he is perceived to be opposed to a potential takeover by Grab Holdings, which has been in advanced merger talks with GoTo. Shareholders seeking his removal view the move as a step that could accelerate acquisition negotiations.

GoTo, a leading Indonesian ride-hailing and delivery company, is nearing profitability after years of losses and heavy spending. The company was reported to be just $15 million away from breaking even, marking a significant turnaround from previous net losses of $120 million in Q2 last year and $100 million in Q3.

The GoTo board has scheduled an extraordinary shareholder meeting for December 17 but has not disclosed the agenda. If Walujo is removed, it could further open the door for consolidation in Indonesia’s tech sector, potentially boosting Grab’s position.

This development occurs against a backdrop of increased investor activism challenging management decisions as GoTo navigates growth, cost control, and the fiercely competitive Southeast Asian ride-hailing landscape. The shareholder push reflects broader strategic tensions influencing the future of major regional tech players.

Follow Startup Story