GoTo Group appointed a new chief executive officer to replace Patrick Walujo, a move that’s expected to speed the takeover of Indonesia’s largest internet company by Grab Holdings Ltd.

Chief operating officer Hans Patuwo will take the helm from Walujo, the company said Monday. His appointment—which requires shareholder approval—comes after GoTo co-founders and prominent investors including SoftBank Group Corp. pushed for Walujo’s ouster over a dismal stock performance.

The change-up marks an about-face for GoTo, which in January said Walujo, 50, would run the company for years to come. The former investment banker helped usher the Indonesian ride-hailing and delivery giant to its first profit over a two-and-a-half-year tenure as CEO. But the company lost more than 40% of its value over t

See Full Page