To be honest, at e27, we do not always see appointment news on the same level as funding news. But the year 2019 has shown us why we were wrong.
After all, a startup ecosystem is all about the people who are involved and running it. To document the movement of these people between companies –and the background stories that go with it– should be able to tell us where the ecosystem is heading, the way a funding announcement can indicate trends and changes.
At the end of this glorious year, we listed down the top five appointment news that had turned our heads, both for the right and wrong reasons.
Nadiem Makarim became Minister of Education and Culture of Indonesia –and all related appointments
The rumours had been around for a long time; that a startup founder had been approached by President Joko Widodo to become a minister in his new administration. But in late October, the truth was finally revealed: Gojek Group CEO and Co-Founder Nadiem Makarim left his position at the company to become a Minister of Education and Culture in Indonesia.
As a follow-up, Kevin Aluwi and Andre Sulistyo were named co-CEOs of the company.
Soon after Makarim’s appointment, President Joko Widodo also named two startup founders –Ruangguru’s Adamas Belva Devara Syah and Amartha’s Andi Taufan Garuda Putra– as the presidential special staffs. These appointments indicated the growing influence of startup founders and the startup ecosystem in Indonesia.
Also Read: OYO plays hyperlocal strategy with appointment of new Country Head for Indonesia
Honestbee named new leaders amidst the chaos
2019 was proven to be a tough year for Honestbee as the ecosystem witnessed the e-grocery startup’s rollercoaster journey through a crisis, which included the shutdowns of its services in several markets and an eventual restructuration. The story heated when Co-Founder and CEO Joel Sng was fired in May, leading to the appointment of Brian Koo, the grandson of South Korean tech giant LG founder, as interim CEO and board chairman.
In July, Honestbee eventually appointed Ong Lay Ann as its new CEO. Three months later, in what the company expected to be the next stage of its growth after the period of chaos, Honestbee named Varian Lim as its new COO, together with several changes in its managerial team. It remains to be seen how these appointments will affect the company, especially as it enters the new year.
Bukalapak announced Rachmat Kaimuddin as new CEO
Another surprising appointment news came from Indonesia. E-commerce giant Bukalapak announced that CEO and Co-Founder Achmad Zaky is leaving the position, effective January 6, 2020. The company also announced Rachmat Kaimuddin as its new CEO.
Prior to joining Bukalapak, Kaimuddin had experiences working in the banking and business consultancy sectors. His appointment came at a time where startups in the region are making moves towards achieving profitability; we see this as the company’s attempt to become a sustainable business.
Zilingo named its first CFO
As you may have read in various books about startups, finding a CFO is a step that is usually taken after a company has reached a particular milestone. For fashion e-commerce startup Zilingo, that milestone is its US$226 million Series D funding round.
Also Read: Singapore’s data protection framework gets a boost with new appointment, initiative
The company appointed James Perry, a former Managing Director and Head of Technology Investment Banking for Asia Pacific at Citigroup, to become its first CFO. With over 20 years of experience in corporate finance, Perry has helped clients raise over US$150 billion (including 40 IPOs in the US and Hong Kong) and advised technology companies on over US$80 billion in M&A transactions across six continents.
As tech startups in the region are making a push towards becoming a more sustainable business, it is more interesting to see where Zilingo is going with this appointment.
MDEC announced banker, blockchain advocate as its new CEO
Notable appointment news in the Southeast Asian startup ecosystem was not limited to those happening at the startups. In January, Malaysia Digital Economy Corporation (MDEC) kickstarted the new year with the appointment of Surina Shukri as CEO. Her appointment followed the resignation of Yasmin Mahmood, who left to join an undisclosed startup based in Jakarta, in December 2018.
A banker and blockchain advocate, a Digital News Asia report dubbed Shukri’s appointment as a “big surprise” due to her time spent away from Malaysia and her professional background.
—
Image Credit: JESHOOTS.COM on Unsplash
The post Top 5 appointment news that rocked the Southeast Asian startup ecosystem this year appeared first on e27.