Five Top Financial Leaders Step Down During Prabowo’s Presidency

JAKARTA, Jakartaweekly.com—A wave of leadership changes at Indonesia’s top financial institutions has drawn significant public attention during President Prabowo Subianto’s administration. Within the past 12 months, five key financial institutions, the Ministry of Finance, the Indonesia Stock Exchange (IDX), the Financial Services Authority (OJK), the Indonesia Deposit Insurance Corporation (LPS), and Bank Indonesia (BI) have all seen changes at the top. What prompted these departures, and who replaced them?

On January 30, 2026, Mahendra Siregar resigned as Chairman of the Board of Commissioners of the Financial Services Authority (OJK), while Iman Rachman stepped down as President Director of the Indonesia Stock Exchange (IDX). Most recently, Perry Warjiyo resigned as Governor of Bank Indonesia on July 26, 2026.

Earlier, Finance Minister Sri Mulyani Indrawati officially left her position during a cabinet reshuffle on September 8, 2025. President Prabowo Subianto subsequently appointed Purbaya Yudhi Sadewa as the new Finance Minister. As a result, Purbaya vacated his position as Chairman of the Board of Commissioners of the Indonesia Deposit Insurance Corporation (LPS), where he was succeeded by Anggito Abimanyu.

Perry Warjiyo Resigns from Bank Indonesia, Destry Damayanti Named Acting Governor

The Indonesian government announced on July 27, 2026, that Perry Warjiyo had resigned from his position as Governor of Bank Indonesia. The announcement was delivered by the Minister of State Secretary during a press conference at Bank Indonesia headquarters without Perry Warjiyo in attendance.

Also present at the press conference was Destry Damayanti, who was appointed Acting Governor of Bank Indonesia following Perry’s resignation. Destry explained that Perry had voluntarily stepped down for personal reasons.

Perry, who is widely recognized for promoting the nationwide adoption of QRIS (Quick Response Code Indonesian Standard), first served as Governor of Bank Indonesia for the 2018–2023 term. In 2023, he was reappointed as the sole nominee by then-President Joko Widodo for a second term.

In accordance with Law No. 4 of 2026 on Bank Indonesia, the Board of Governors appointed Senior Deputy Governor Destry Damayanti as Acting Governor. Destry has served as Senior Deputy Governor since 2019. She holds a Bachelor’s degree in Economics from the University of Indonesia and a Master of Science in Regional Science from Cornell University, United States.

Her career began as a researcher at the Management Institute, Faculty of Economics, University of Indonesia (1989–1990). She later worked as an economist at Citibank and Chief Economist at Mandiri Sekuritas before serving as a member of the Board of Commissioners of the Indonesia Deposit Insurance Corporation (LPS) from 2015 to 2019.

Prior to Perry’s resignation, Bank Indonesia had aggressively raised its benchmark interest rate by 100 basis points over two months (May–June 2026) to 5.75%. The move was aimed at stabilizing the Indonesian rupiah amid heightened global uncertainty. Since the beginning of 2026, the rupiah had depreciated by more than 7% against the U.S. dollar.

Mahendra Siregar Resigns from OJK, Replaced by Friderica Widyasari Dewi

Before Perry Warjiyo’s resignation, OJK also experienced a major leadership shake-up in January 2026.

Mahendra Siregar resigned as Chairman of the Board of Commissioners, alongside Mirza Adityaswara (Vice Chairman of the Board of Commissioners), Inarno Djajadi (Chief Executive of Capital Market, Financial Derivatives, and Carbon Exchange Supervision), and Aditya Jayaantara (Deputy Commissioner for Issuer and Securities Transaction Supervision).

In his resignation letter, Mahendra stated that his decision was made as a form of moral responsibility to support the recovery measures needed to restore confidence in Indonesia’s capital market.

Prior to the resignations, MSCI had expressed concerns about Indonesia’s capital market, highlighting issues related to market transparency, trading governance, limited public free float, and the quality of market data. As a result, MSCI suspended Indonesia’s index review, followed by investment rating downgrades from other institutions, including Goldman Sachs.

Following MSCI’s announcement, Indonesia’s benchmark stock index (IHSG) plunged sharply and triggered trading halts for two consecutive trading sessions.

On March 25, 2026, Friderica Widyasari Dewi was officially sworn in as Chairwoman of OJK. Friderica has an extensive background in Indonesia’s capital market. She worked at the Indonesia Stock Exchange from 2005 to 2015, serving in several senior positions, including Head of Corporate Communications and later Director of Business Development from 2009.

In 2016, she left IDX to become President Director of the Indonesian Central Securities Depository (KSEI). In 2020, she was appointed CEO of BRI Danareksa Sekuritas, serving until 2022.

Her career at OJK began in 2022 when she was appointed as a member of the Board of Commissioners and simultaneously served as Chief Executive for Financial Consumer Protection, Education, and Market Conduct Supervision.

Iman Rachman Resigns from IDX, Jeffrey Hendrik Takes Over

Following MSCI’s announcement and two consecutive days of sharp market declines, IDX President Director Iman Rachman announced his resignation after the opening of trading on Friday, January 30, 2026.

Iman personally addressed the media at the IDX press room and was accompanied by I Gede Nyoman Yetna, who was then Director of Listed Companies Assessment. 

“As President Director of the Indonesia Stock Exchange, and as a form of responsibility for what happened over the past two days, I hereby resign as President Director of the Indonesia Stock Exchange,” he said on January 30, 2026. 

Jeffrey Hendrik, previously Director of Business Development, was appointed as the new President Director. His former position was filled by Iding Pardi.

Other board changes included Saidu Solihin as Director of Listed Companies Assessment, Yulianto Aji Sadono as Director of Trading and Member Regulation, Umi Kulsum as Finance Director and Abdul Munim as Director of Information Technology & Risk Management.

Finance Minister Sri Mulyani Reshuffled Out

Sri Mulyani Indrawati officially stepped down as Indonesia’s Finance Minister during the cabinet reshuffle on September 8, 2025.

The reshuffle was announced by President Prabowo Subianto exactly one week after Sri Mulyani’s residence was looted by a mob in late August 2025.

However, rumors of Sri Mulyani’s intention to leave the cabinet had circulated since early 2025. When President Prabowo introduced a government spending efficiency program, reports emerged that she had considered resigning, although she publicly denied those reports at the time.

Coinciding with the cabinet reshuffle announcement, the Jakarta Composite Index (IHSG) fell 1.28% by the close of trading. Many analysts attributed part of the decline to the replacement of the Finance Minister, given Sri Mulyani’s strong reputation both domestically and internationally. She previously served as Executive Director representing Southeast Asian countries at the International Monetary Fund (2002–2004) and later as Managing Director of the World Bank (2010–2014).

As part of the reshuffle, President Prabowo appointed former LPS Chairman Purbaya Yudhi Sadewa as Finance Minister.

Purbaya is also a prominent economist whose career in economics began as a Senior Economist at the Danareksa Research Institute between 2000 and 2005.

Purbaya Yudhi Sadewa Leaves LPS, Succeeded by Anggito Abimanyu

Unlike the other financial institution leaders, Purbaya stepped down from LPS because he accepted a new position as Indonesia’s Finance Minister after being appointed by President Prabowo to replace Sri Mulyani.

Purbaya’s appointment attracted public attention due to his outspoken and direct communication style. As Finance Minister, he consistently emphasized the importance of achieving high and sustainable economic growth.

So, who is Anggito Abimanyu?

Anggito Abimanyu, Chairman of the Board of Commissioners of LPS for the 2025–2030 term, is a respected economist and academic. He earned a Bachelor’s degree in Economics from Gadjah Mada University (UGM), followed by both a Master of Science (M.Sc.) and a Ph.D. in Economics from the University of Pennsylvania.

In addition to leading LPS, Anggito remains an active professor at the Faculty of Economics and Business, Gadjah Mada University. His previous public service roles include Special Advisor to the Minister of Finance and member of the National Economic Council (1999–2003), Head of the Fiscal Policy Agency (BKF) from 2003 to 2010 and Deputy Minister of Finance from October 2024 until his appointment as Chairman of LPS in 2025.