Danareksa has new head

Danareksa has new head

JAKARTA (JP): The government has replaced the president of
state-owned securities company PT Danareksa Sekuritas, Glenn MS
Yusuf, with Dian Wirjawan, a former director of PT Merril Lynch
Indonesia.

Director general for state enterprises at the Ministry of
Finance I Nyoman Tjager confirmed the replacement of Glenn,
saying the government expected Dian to improve Danareksa's
management.

"The new president should of course be able to a make a better
contribution than the former," Nyoman told reporters after
meeting a delegation of demonstrating PT Semen Gresik employees
at his office.

He did not say the reasons for Glenn's dismissal, but denied
that it had to do with the government's privatization program.

Along with state securities firm PT Bahana Securities,
Danareksa has been appointed by the government to be the lead
underwriter to several state firms under the privatization
program.

But, Nyoman recently suggested that Bahana and Danareksa could
act as the lead underwriters for the privatization of all state
firms.

Glenn, who was head of the Indonesian Bank Restructuring
Agency (IBRA) from 1998 to 1999, before being appointed as
Danareksa's president, handed over his job to Dian in a ceremony
on Wednesday. (bkm)