The Annual General Meeting of Shareholders (“AGMS”) of PT Matahari Department Store Tbk (“Matahari” or the “Company”; stock code: “LPPF”) on August 27, 2021 approved changes to the composition of the Company’s Board of Commissioners and Board of Directors. These changes were approved by the Company’s shareholders to support the Company in continuing to implement the Company’s transformation and growth strategy in 2021 and beyond.
Board of Commissioners:
| President Commissioner | : | Monish Mansukhani |
| Vice President Independent Commissioner | : | Roy Nicholas Mandey |
| Commissioner | : | Andy Adhiwana* |
| Commissioner | : | Adrian Suherman |
| Independent Commissioner | : | Bianca Cheo Hui Hsin* |
| Independent Commissioner | : | David Fernando Audy* |
Board of Directors :
| President Director | : | Bunjamin J. Mailool |
| Vice President Independent Director | : | Terry O'Connor |
| Independent Director | : | Niraj Jain |
| Independent Director | : | Irwin Abuthan |
| Independent Director | : | Miranti Hadisusilo* |
| Independent Director | : | Herni Dian Anggreani* |
*new
The AGM also approved the Board of Directors' Report on the Company's business and financial results for the 2020 financial year. The Company recorded total gross sales in 2020 of Rp8.6 trillion, 52.3% below 2019, while net income fell 52.9% to Rp4.8 trillion. The Company experienced a net loss of Rp0.9 trillion compared to a net loss of Rp1.4 trillion in 2019.
Throughout 2020, the Company operated in an environment of uncertainty due to the uncertain COVID-19 situation. In March 2020, Matahari temporarily closed almost all of its stores and then gradually reopened them starting in May. In mid-September, restrictions were re-imposed resulting in store closures/limited trading hours and also customer restrictions. Matahari ensures the safety of its customers and employees and strictly follows various safety protocols.
"We have made various efforts to continue to improve performance amidst the Covid-19 pandemic, including launching a new page, Android Application and iOS Application from Matahari.com, and launching new sales channels: Social Commerce Shop and Talk (WhatsApp), and through market places," said Terry O'Connor as Vice President Director and CEO of the Company.
He also said that the Company's Management has carried out various business efficiency initiatives and continues to pursue growth by opening 3 outlets in 2020 and ending 2020 with a total of 147 outlets.
Monish Mansukhani, Matahari’s new President Commissioner also said, “I look forward to working with the experienced management team on the business transformation, including strategic initiatives such as an enhanced omni-channel strategy and store refreshes as well as refreshed merchandise for customers. Management is to be commended for stabilizing the business amidst the pandemic, transforming the cost structure and operations to position the business well for recovery.”
Monish added, “We are also very pleased to welcome Mr. Andy Adhiwana, Ms. Bianca Cheo Hui Hsin, and Mr. David Fernando Audy as new commissioners of the Company. We also welcome Ms. Herni Dian Anggraeni and Ms. Miranti Hadisusilo to the Board of Directors. They bring a wealth of experience and talent that will enhance Matahari’s performance.”
The AGMS was attended electronically by all shareholders through the e-GMS facility provided by PT Kustodian Sentral Efek Indonesia (“KSEI”) with a live broadcast attendance menu, Q&A opportunities, and electronic voting. Although attended electronically, this e-GMS does not reduce the validity of the meeting decisions.
