Grab Cofounder Tan Hooi Ling to Step Down From Operating Roles

By Ben Otto

Grab Holdings Ltd. co-founder Tan Hooi Ling will step down from her operating roles by the end of the year, the Southeast Asian ride-hailing and delivery company said Thursday.

Tan, who co-founded the company in 2012 with Group Chief Executive Anthony Tan, will transition to an advisory role while also giving up her board seat, Grab said.

Ms. Tan is a former chief operating officer at Grab and current leader of the group's technology organization. She has been member of Grab's board since its listing in the U.S. in December 2021.

"People who know me well know that I am an adventurer at heart, and there are many other personal passions that I have put aside to build Grab," Tan said in a release. "I believe now is the right time for me to pass on the baton to our next generation of leaders, and to pursue these other passions."

Grab said a nominating committee would review potential candidates for its board later this year.

News of Tan's exit comes as Singapore-based Grab is moving closer to achieving a measure of profitability two years after it unveiled a record-breaking merger with a blank-check company that valued it at close to $40 billion.

Grab last week reported a loss of $244 million in the first quarter, narrowed from a $423 million loss a year ago, while its revenue more than doubled to $525 million over the same period.

Grab expects full-year revenue to rise 54%-60% on year to up to $2.30 billion, and to achieve and breakeven on adjusted Ebitda basis in the fourth quarter.

Write to Ben Otto at ben.otto@wsj.com

(END) Dow Jones Newswires

May 25, 2023 02:49 ET (06:49 GMT)

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