SoftBank Joins Move to Oust GoTo CEO in Boost for Grab Deal

SoftBank Group Corp., Provident Capital Partners and Peak XV are among a group of prominent GoTo Group backers seeking to replace Chief Executive Officer Patrick Walujo, a dramatic twist that could accelerate talks about an acquisition by Grab Holdings Ltd.

Several GoTo shareholders signed a memo to the board requesting an extraordinary general meeting, people familiar with the matter said, asking not to be identified as the move isn’t public. The backers, which include some of GoTo’s co-founders, are proposing a vote on matters including replacing the CEO, who oversaw a more than 40% decline in GoTo’s market value over his tenure. Walujo is also perceived as opposing a takeover by Grab, the people said.