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Stock impact report

CEO of Indonesia e-commerce firm Bukalapak to step down [Reuters]

Shinhan Financial Group Co Ltd American Depositary Shares (SHG) 
US:NYSE Investor Relations: shinhangroup.co.kr/en/invest/main.jsp
Company Research Source: Reuters
CEO of Indonesia e-commerce firm Bukalapak to step down JAKARTA Dec 9 (Reuters) - Indonesian e-commerce firm Bukalapak announced on Monday that chief executive and co-founder Achmad Zaky will be stepping down from his role in January 2020 and will be replaced by financier Rachmat Kaimuddin. The startup, which was valued at over $2.5 billion during its last fundraising round in October, is backed by Singapore sovereign wealth fund GIC Pte Ltd, China’s Ant Financial, and Korea’s Shinhan Financial Group Co Ltd. Bukalapak said in a statement that Zaky would be replaced from Jan. 6 by Kaimuddin, a finance executive who most recently was director of finance and planning for Indonesia’s Bank Bukopin. Zaky will establish a foundation and remain on as advisor, the firm said. Other co-founders Fajrin Rasyid and Nugroho Herucahyono will stay on as president and chief technology officer. Surging smartphone use and rising middle-class income in a country of 260 million people have made Indonesia’s Show less Read more
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