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)