Rachmat Kaimuddin, the CEO of Indonesia’s first-listed e-commerce company Bukalapak has resigned from the company, according to the company’s disclosure filed with the Indonesia Stock Exchange on Wednesday.
Kaimuddin, a graduate of Massachusetts Institute of Technology Stanford University, will take on a special advisor role at Indonesia’s Coordinating Ministry for Maritime and Investment Affairs, DealStreetAsia has learned.
Willix Halim, who joined Bukalapak as the chief operating officer in 2016, has been appointed as acting-interim CEO. The company will also appoint a new President Director.
The path to Bukalapak’s IPO was laid in December 2019 when the e-commerce company appointed ex-banker Muhammad Rachmat Kaimuddin as the CEO. Kaimuddin had the challenging task of keeping his eyes trained sharply on costs, efficiencies and business sustainability. Many industry observers had marked that the move was aligned to help the company maintain growth and meet investor expectations in a highly competitive market.
In August 2021, Bukalapak successfully raised $1.5 billion in its initial public offering on IDX. Since then, however, its stock price has been under pressure. Shares in Bukalapak closed at Rp452 each, nearly 50% down from its IPO price of Rp850 per share. Emtek Group remains the company’s single largest shareholder, with a 23.93% stake. Ant Financial and Singapore’s GIC hold a 13.05% and 9.45% stake, respectively.
In 2019, Kaimuddin took over the helm from Achmad Zaky, Bukalapak’s co-founder and former CEO. Zaky has since launched an early-stage venture capital fund, Init 6, where another Bukalapak co-founder, Nugroho Hercucahyono, is a partner. The company’s other co-founder and president, Fajrin Rasyid, left in June 2020 and became head of digital business at state-owned PT Telekomunikasi Indonesia Tbk (Telkom).