Bukalapak's Succession, Willix Halim Officially Appointed as CEO

PT Bukalapak.com Tbk (IDX: OPEN) has officially established Willix Halim as CEO of Bukalapak, replacing Rachmat Kaimuddin who resigned at the end of December 2021. Apart from Willix, the company also announced the appointment of Victor Putra Lesmana and Howard Nugraha Gani to the board of directors.

In his official statement, the reason for this appointment is that both Victor and Howard are believed to have brought extraordinary achievements for Bukalapak to lead the digitization of MSMEs in Indonesia. Meanwhile, Teddy Nuryanto Oetomo and Natalia Firmansyah are also said to be continuing to serve as directors of Bukalapak.

The results of the appointments of Willix, Victor, and Howard have been approved by the board of directors, commissioners, and Bukalapak shareholders at the Extraordinary General Meeting of Shareholders (EGMS).

"We are optimistic that Willix Halim can continue Rachmat Kaimuddin's leadership by developing Bukalapak as a public company that is financially strong, develops sustainably, and has a significant impact on Indonesia," said President Commissioner and Independent Commissioner of Bukalapak Bambang Brodjonegoro.

Previously, Willix was appointed as interim CEO because Rachmat Kaimuddin resigned to continue his career serving the government. Willix joined Bukalapak as Chief Operating Officer in 2016. He was instrumental in the company's journey to become unicorn and contribute to the development of Bukalapak Partners to become the O2O market leader.

"This year, we hope to further strengthen Bukalapak's position as a technology company that provides various verticals to our users. With the support of various parties, I believe this transformation will continue to run well and achieve our main goal, which is to create 'A Fair Economy For All'," said Willix.

Bukalapak's transformation agenda

With this new leadership, the public will anticipate a number of strategic steps that will be taken by Bukalapak's new board of directors considering that there are a number of big agendas awaiting. Especially in navigation in the Bukalapak Partner business line, which supported Bukalapak's financial performance last year.

We summarize a number of corporate actions and major agendas that may be realized this year. Towards the end of 2021, Bukalapak is changing IPO fund allocation amounting to Rp. 21,9 trillion. In detail, 33% of the IPO funds will be used for working capital, 34% for working capital of subsidiaries consisting of; Open Partner (15%), Open Business (15%), and Open Investment, Open Procurement, Bukalapak, and Five Jack each 1%.

Bukalapak provides a new allocation of 33% for the business development of the company and its subsidiaries, either through the scheme of buying shares and/or assets, and/or investing shares in one or more companies including joint venture, or repayment of loan facilities used for business growth and/or development purposes, both now and in the future.

Starting early this year, Bukalapak became one of the absorbent rights issue Hello Bank owned by CT Corp by taking over 11,49% of the shares. Allo Bank services are targeted for commercial this year. "For Bukalapak, through the Partner business and its connectivity with new verticals in the MSME market, this collaboration can expand its offerings and access credit for business actors in rural areas," Willix said some time ago.

Until last year, Bukalapak was recorded to have served more than 100 million users, had 6,7 million sellers and 10,4 million Bukalapak partners.

Not long ago, CT Corp owner Chairul Tanjung even announced that he would form a company online groceries joint venture (j) through PT Trans Retail Indonesia with Bukalapak. The composition of Trans Retail's ownership will be 55% and Bukalapak's 45%.