The Annual General Meeting of Shareholders (“AGMS”) of PT Matahari Department Store Tbk (“Matahari” or the “Company”; stock code: “LPPF”) on 4 June 2020 approved the changes in the Company’s Board of Commissioners and Board of Directors structure. The changes were approved by the shareholders in order to support the Company’s continuing transformation and growth strategy in 2020 and beyond.

Board of Commissioners:
President Commissioner (Independent) : John Bellis
Vice President Commissioner (Independent) : Roy Nicholas Mandey
Commissioner : Monish Mansukhani*
Commissioner : Adrian Suherman*

Board of Directors:
President Director : Bunjamin J. Mailool
Vice President Director (Independent) : Terry O’Connor*
Director (Independent): Niraj Jain*
Director (Independent): Irwin Abuthan*


The AGMS also has approved concurred and approved the Directors’ Report on the Company’s business and financial results for the fiscal year 2019. The Directors reported that the Company recorded a total 2019 gross sales of Rp 18.0 trillion, a slight 0.9% increase over 2018. Net revenue was flat at Rp 10.3 trillion, as well as flat SSSG. Net income was Rp 1.4 trillion, an increase of 25% over 2018 net income after impairment (a decrease of 27% over 2018 net income before impairment).

John Bellis, Matahari’s President Commissioner (Independent) commented, “We are delighted to have Monish Mansukhani and Adrian Suherman as the Company’s new Commissioners. Mr. Mansukhani has two decades of experience in regional consumer and investment related businesses including in Valeant Pharmaceuticals and 3i Asia, and concurrently serves as Deputy CEO of Auric Pacific. Mr. Suherman has previously held several key positions such as VP PT Telkomsel, CEO PT aCommerce Logistik Lestari, and several other key positions include Commissioner of and CEO of OVO”.

Mr. Bellis further added “ At the same time, we also would like to welcome Terry O’Connor, Niraj Jain and Irwin Abuthan joining the Board of Directors. They have many years of experience especially in consumer retail businesses. Mr. O’Connor has joined Matahari since the beginning of the year as CEO. He spent 26 years at Courts Asia where he helped establish the Courts’ brand and reputation as a regional leader in South East Asia in the electrical, IT and furniture categories. Mr. Jain joined Matahari in March last year as CFO, and has extensive financial operations in a variety of industries, including retail, manufacturing and automotive. He was previously Group CFO at Kanmo Group Indonesia. Mr. Abuthan has been with the Company for almost 10 years in charge of the real estate division, and has held a range of external positions including Vice President in the Asset Management Investment Division of the Indonesian Bank Restructuring Agency. We believe their talent, knowledge and leadership will bring positive contribution to lead Matahari going forward.”