Govt agrees Telkom board changes
Govt agrees Telkom board changes
JAKARTA (JP): The government is prepared to install new members on the boards of commissioners and directors at the state-owned domestic telecommunications firm PT Telkom.
Informed sources at the Ministry of Tourism, Post and Telecommunications said yesterday that Minister of Finance Mar'ie Muhammad has agreed with Minister of Tourism, Post and Telecommunications Joop Ave to replace Telkom's chief commissioner, chief executive officer (president), director of finance and director of planning and technology.
When asked for confirmation yesterday, Telkom's president Setyanto P. Santosa told The Jakarta Post in Balikpapan, East Kalimantan, that the issue would be discussed during the company's shareholders meeting scheduled for May 17.
"The shift will depend on the results of the meeting," he said.
The shareholders meeting will be the first since Telkom floated shares on the Jakarta, Surabaya, London and New York stock exchanges last year to raise Rp 2.3 trillion (US$985 million) from the domestic offering and $519.1 million from the overseas offering.
Telkom last year gained a net profit of Rp 907 billion (US$388 million), up 14 percent from Rp 795 billion in 1994, while its total operating revenues increased by 26 percent to Rp 5.1 trillion ($2.18 billion) from Rp 4.04 trillion.
Setyanto, 50, who became president of Telkom in 1992, graduated from Padjadjaran University in Bandung. Setyanto, also a former president of the state-owned telecommunications equipment manufacturer PT Inti, completed his master's degree at Michigan State University in the United States.
Commissioner
Sources said yesterday that the government is likely to assign Bambang Subianto, a senior official at the Ministry of Finance, to replace Martiono Hadianto as Telkom's chief commissioner. Martiono, 51, was appointed chief commissioner of Telkom last year before its initial public offering.
The sources added that Setyanto probably would be replaced by Wisnu Askari Marantika, who is currently Telkom's senior executive vice president for engineering.
Wisnu, 43 years old and a graduate of the Bandung Institute of Technology, is expected to be replaced by Andi Siswaka Faisal, a Telkom executive for operational and sales affairs. Telkom's finance director, Muljohardjoko, 55, is expected to be replaced by Harry Supangkat, an official at the Ministry of Finance, the source added.
Setyanto, who replaced Cacuk Sudarijanto in 1992, continued his predecessor's restructuring programs by cutting the number of its area offices from 12 to just seven in 1995 and the number of its directorates from six to four.
According to Telkom's prospectus last year, the government stipulates that the working period of the board of commissioners will expire after three company shareholders meetings and the board of directors after five meetings.
Telkom's current boards of commissioners and directors were sworn in by Joop Ave on April 17, 1995, based on a Minister of Finance decree dated March 15, 1995. (icn)