Two senior Grab executives quit as company rejigs unit to stem losses, say sources

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SINGAPORE, May 25 —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...

SINGAPORE, May 25 —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 US$3.6 billion in 2021 from US$2.7 billion a year earlier, while revenue rose 44 per cent, with investors focusing on how the firm plans to stem losses. This year, one of Grab’s senior tech executives also departed to lead a cryptocurrency gaming firm, while Grab’s head of insurance and wealth left to form a startup.

Anthony Tan, Grab’s co-founder and CEO, told analysts that Grab was driving towards profitability through disciplined cost management.

 

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