On November 24, reports surfaced indicating that Indonesian ride-hailing giant GoTo is set to replace its Chief Executive Officer (CEO) as it gears up for a potential merger with rival Grab—a move that could give rise to a Southeast Asian tech powerhouse.

On Monday, GoTo announced that Patrick Walujo would step down as CEO after over two years in the role. Previously, the company had disclosed that Walujo assumed the CEO position in June 2023, with his initial term slated to run until 2029. However, according to sources close to the situation, some shareholders suspect that Walujo is reluctant to pursue a deal with Grab. As GoTo’s primary competitor, Grab and GoTo have engaged in intermittent merger discussions for years. With competition heating up, shareholders have been pressing GoTo to expedite the agreement.

Since going public in 2022, GoTo’s stock price has plummeted by more than 80%. The merged entity is projected to command a 90% market share in Indonesia’s ride-hailing and food delivery sectors, transforming into a super-app in Southeast Asia’s largest economy with an estimated valuation surpassing $24 billion.

Hans Patuwo, the group’s Chief Operating Officer, will succeed Walujo, though his appointment is contingent upon approval at the Extraordinary General Meeting scheduled for December 17.