Gojek chief resigns to join Indonesian Cabinet, Latest World News - The New Paper

Gojek chief resigns to join Indonesian Cabinet

This article is more than 12 months old

JAKARTA: Gojek chief executive officer and co-founder Nadiem Makarim said yesterday he had resigned to join Indonesia's new Cabinet, and the ride-hailing and payments company said two senior executives would jointly take over running operations of the US$10 billion (S$13.6 billion) firm.

The company's president Andre Soelistyo and the other co-founder Kevin Aluwi would be the joint CEOs, Gojek said.

It noted in a statement it had "planned for this possibility and there would no disruption to our business".

Mr Nadiem, 35, a graduate of Brown University and Harvard Business School, told reporters at the presidential palace in Jakarta it was a "a big honour to be able to join the Cabinet".

He said his specific role would be announced by President Joko Widodo later in the week.

Some economic analysts said they were surprised by Mr Nadiem's departure, which comes in the heat of Gojek's battle with Singapore-based rival Grab.

Its biggest shareholder Softbank said in July it will invest US$2 billion in Indonesia through Grab, taking on Gojek in its home market.

Having evolved from a ride-hailing service founded in 2010 to a one-stop app through which users can make online payments and order food and services such as massages, Gojek is now targeting a larger slice of the South-east Asian market, where Grab currently dominates ride-sharing.

The Indonesian company also raised more than US$1 billion earlier this year from backers including Alphabet's Google and Chinese tech giants Tencent and JD. - REUTERS