Jakarta, Indonesia Sentinel — PT First Media Tbk. (KBLV), a leading multimedia content provider, aggregator, and distributor in Indonesia, has announced the passing of its President Commissioner, Teguh Pudjowigoro. The company shared the news in a disclosure submitted to the Indonesia Stock Exchange (BEI) on January 3, 2024.
“On Monday, January 30, 2024, Mr. Teguh Pudjowigoro, President Commissioner (Independent) of the Company, passed away,” the company stated. The announcement adheres to the regulations outlined in OJK Regulation No. 33/POJK.04/2014 on Directors and Boards of Commissioners of Public Companies.
No Impact on Operations or Financial Stability
The company assured stakeholders that Teguh’s passing would not disrupt its operations, financial health, legal standing, or business continuity. The transition of leadership will follow the company’s Articles of Association and applicable laws to ensure a smooth succession process.
“The management guarantees there will be no negative impact on the company’s operational activities, legal conditions, financial status, or sustainability,” the statement emphasized.
Teguh Pudjowigoro was also a Director at Lippomalls Indonesia, a subsidiary of Lippo Group specializing in mall management. His roles across various companies within Lippo Group highlighted his extensive contributions to the conglomerate’s success.
Tribute to a Visionary Leader
Teguh Pudjowigoro’s contributions to First Media and the broader Lippo Group were significant. As President Commissioner, he was instrumental in overseeing the company’s governance and strategic direction. His experience and expertise helped position First Media as a trusted name in Indonesia’s competitive multimedia and telecommunications landscape.
In addition to his role at First Media, Teguh’s leadership at Lippomalls Indonesia showcased his ability to navigate complex business environments. Lippomalls Indonesia manages one of the largest shopping mall networks in the country, further cementing Lippo Group’s influence in retail and real estate sectors.
Regulatory Compliance and Transition Plans
The company’s adherence to regulatory guidelines during this leadership transition has been praised by industry experts. By immediately notifying stakeholders and ensuring compliance with OJK regulations, First Media has set a standard for transparency and governance.
The announcement underscores the company’s commitment to maintaining operational stability despite the loss of a key leader. Analysts believe First Media’s proactive approach will help retain investor confidence and safeguard its market position.
First Media’s Position in the Market
As a prominent player in Indonesia’s telecommunications and multimedia industry, First Media offers high-speed internet, digital TV services, and multimedia content aggregation. The company is a key component of Lippo Group’s telecommunications division, which plays a vital role in Indonesia’s rapidly expanding digital economy.
With Teguh’s passing, First Media faces the challenge of continuing his legacy while adapting to an evolving market. The company’s assurance of uninterrupted operations reflects its resilience and preparedness to navigate future challenges.
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Looking Ahead
As First Media navigates this period of transition, stakeholders can be assured of the company’s commitment to excellence and growth. While Teguh Pudjowigoro’s passing marks the end of an era, his contributions will remain a cornerstone of the company’s ongoing success.
The board will soon deliberate on appointing a successor who can uphold the values and vision Teguh championed during his tenure.
