SINGAPORE - Two top executives at Grab Holdings' fintech business have quit, adding to other senior departures in recent months, as the Southeast Asian ride-hailing and delivery firm rejigs the key unit at the loss-making group, two sources said.
The latest executive departures come as Grab's losses rose to $3.6 billion in 2021 from $2.7 billion a year earlier, while revenue rose 44 per cent, with investors focusing on how the firm plans to stem losses.Since listing on Nasdaq in December after a record $40 billion merger with a blank check firm, Grab's shares have shed three-quarters of their value against a backdrop of plunging tech stocks and its continued losses.
The departures at GrabFin come a month after Grab's head of lending, former banker Ankur Mehrotra, who played a key role in the fintech unit's expansion, quit after a six-year stint. In an email response to Reuters, Grab said it was focused on expanding its regional fintech ecosystem and saw significant opportunity in Southeast Asia across all its businesses.Grab last week forecasted a rebound in its mainstay ride-share and food delivery businesses as Southeast Asian economies recover from a pandemic-led slump.
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Exclusive-Two senior Grab executives quit as company rejigs unit to stem losses - sourcesTwo top executives at Grab Holdings' fintech business have quit, adding to other senior departures in recent months, as the Southeast Asian ride-hailing and delivery firm rejigs the key unit at the loss-making group, two sources said. Chris Yeo, who heads Grab's payments and rewards business and has been with the company for nearly six years, is leaving along with Jeffrey Goh, who leads the payments gateway business, the sources familiar with the matter told Reuters. Both Yeo and Goh worked at the Grab Financial Group's GrabFin unit, which provides digital payments, financing, insurance, rewards, and wealth management services, and is an important plank of Grab's regional growth strategy.
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2 senior Grab executives quit as company rejigs unit to stem lossesSINGAPORE — Two top executives at Grab Holdings' fintech business have quit, adding to other senior departures in recent months, as the Southeast Asian ride-hailing and delivery firm rejigs the key unit at the loss-making group, two sources said. Peter Lim is destroying the international image of Singapore, he is killing Valencia CF
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2 senior Grab executives quit as company rejigs unit to stem lossesSINGAPORE — Two top executives at Grab Holdings' fintech business have quit, adding to other senior departures in recent months, as the Southeast Asian ride-hailing and delivery firm rejigs the key unit at the loss-making group, two sources said. Peter Lim is destroying the international image of Singapore, he is killing Valencia CF
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Exclusive-Two senior Grab executives quit as company rejigs unit to stem losses - sourcesTwo top executives at Grab Holdings' fintech business have quit, adding to other senior departures in recent months, as the Southeast Asian ride-hailing and delivery firm rejigs the key unit at the loss-making group, two sources said. Chris Yeo, who heads Grab's payments and rewards business and has been with the company for nearly six years, is leaving along with Jeffrey Goh, who leads the payments gateway business, the sources familiar with the matter told Reuters. Both Yeo and Goh worked at the Grab Financial Group's GrabFin unit, which provides digital payments, financing, insurance, rewards, and wealth management services, and is an important plank of Grab's regional growth strategy.
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