Bank Jago Shares Rise on GOTO CEO Succession News

Stock Price Reaction

PT Bank Jago Tbk. (ARTO) shares opened stronger on Tuesday, November 25, 2025, following the announcement of significant management changes at parent company PT GoTo Gojek Tokopedia Tbk. (GOTO). The stock rose 0.51% to Rp1,985 at opening, continuing its previous day's gain of 25 points to close at Rp1,975.

Connection to GOTO Ecosystem

Senior analyst Nafan Aji Gusta from Mirae Asset Sekuritas attributed the stock's strength to the CEO change at GOTO, stating that Bank Jago's fortunes are closely tied to its parent company's developments. Bank Jago is part of the GOTO ecosystem, with PT Dompet Karya Anak Bangsa holding 21.4% stake in the bank.

GOTO's Management Changes

GOTO announced that CEO Patrick Walujo has resigned, with Hans Patuwo nominated to succeed him. The transition is set to be formalized at an Extraordinary General Meeting of Shareholders (EGMS) on December 17, 2025. Other executives who resigned include Ade Mulyana (Director), Pablo Malay (Commissioner), and Winato Kartono (Commissioner).

Market Impact and Future Outlook

Nafan Aji Gusta recommends an accumulative buy strategy for ARTO with a target price of Rp2,370. The analyst sees potential for continued positive momentum given Bank Jago's connection to GOTO. The company assured that the management changes will not negatively impact operations or financial condition.

Regulatory Compliance

GOTO confirmed that the succession process will follow OJK regulations (POJK 33/2014 and POJK 15/2020) and the company's Articles of Association. The EGMS on December 17, 2025, will formalize the management changes, including the appointment of new commissioners Andre Soelistyo and Santoso Kartono to strengthen oversight.