Minister reshuffles Danareksa's management
JAKARTA (JP): Minister of Finance Mar'ie Muhammad reshuffled the management of the state-owned Danareksa securities company yesterday following mass dismissals at the firm.
Four of the company's five-member executive board were replaced, with Glenn Muhammad Surya Yusuf, formerly a director of Bahana Pembina Usaha Indonesia, the state-owned venture capital firm, being appointed as president to replace Rustam Effendi.
The newly-appointed directors include Edgar E. Sujanto, Agus Projosasmito and Iwan P. Pontjowinoto, while Susila Rahardja, a member of the previous executive board, will retain his previous job.
The minister refused to comment on the reshuffle.
Director General for State Enterprises Martiono Hadianto said that the managerial changes have nothing to do with the dismissals at the securities company, which has been appointed as the primary domestic underwriter of the public offering to be undertaken later this year by the state-owned domestic telecommunications operator PT Telkom.
Martiono said that the management reshuffle of Danareksa, the primary underwriter of PT Indosat's initial public offering last year, was mainly intended to improve the professionalism of the company.
Danareksa recently dismissed 280 of its employees in a bid to improve efficiency. The workers received compensation funds ranging from Rp 60 million to Rp 80 million each.
Glenn, Danareksa's new president, said that most of the company's directors were replaced "to enable the company to run faster".
"Danareksa remains one of the major securities companies supporting the domestic capital market," he said when he was asked if the reshuffle was due to the company's poor performance.
Appointees
The newly-appointed members of Danareksa's executive board were among the 46 executives and commissioners of state-owned companies installed by the minister yesterday.
Other appointees included Director General for Financial Institutions Bambang Subianto, who was installed as chief supervisor of PT Asuransi Jasindo, Chairman of the Capital Market Supervisory Agency Bacelius Ruru as the chief supervisor of PT Asuransi Kecelakaan Jasa Raharja, Tax Director General Fuad Bawazier as commissioner of Bank Bumi Daya, Marzuki Usman as commissioner of Bank Dagang Negara, Chairman of the Agency for Monetary and Finance Analysis Dono Iskandar as commissioner of Bank Rakyat Indonesia, Chairman of Export Facilitating Agency Tjoek Soeroso as commissioner of PT Jasa Rahardja.
The minister also appointed I Made Marke as president of PT Askrindo, Supardi as president of PT Asuransi Ekspor Indonesia and Hanricus S. Barus as president of PT Perhotelan dan Perkantoran Indonesia. (hen)