Indonesia Stock Exchange CEO Resigns After Market Turbulence

Indonesia Stock Exchange (IDX) Chief Executive Iman Rachman resigned with immediate effect on Friday, in a surprise move following two days of sharp market swings in Southeast Asia’s largest economy.

Iman Rachman. Photo: Generated by Gemini

JAKARTA —  Rachman linked his decision to recent volatility in the Jakarta Composite Index (JCI), which posted steep corrections earlier in the week.

“As a form of personal responsibility for what has happened over the past two days, I am resigning as President Director of the Indonesia Stock Exchange,” Rachman said in a brief statement, declining to take questions.

He said he hoped the move would serve the “best interests” of the capital market and help restore investor confidence. The JCI opened higher on Friday morning before the announcement.

“I trust this step will help the market recover in the coming days,” he added.

Rachman, who has led the bourse for nearly four years, will be replaced by an acting chief to be appointed by the board in line with the exchange’s articles of association. A permanent successor will be named after a formal vetting process by the Financial Services Authority (OJK).

The abrupt leadership change is likely to draw attention from foreign institutional investors, who are navigating regulatory shifts and commodity-driven volatility. Analysts say the exchange will need to move quickly to ensure policy continuity and prevent further pressure on the market.