Southeast Asia’s superapp Grab Holdings announced Tuesday that its President Ming Maa has decided to step down from the company at the end of April 2024.
Grab said in a statement that in the interim until end-April 2024, Maa will focus on his corporate development responsibilities as he transitions away from his role as President.
According to the statement, Maa has played a pivotal role in the Grab journey since he joined in September 2016, including completing the company’s merger with Uber’s Southeast Asia operations in 2018 and supporting its public listing on NASDAQ in 2021.
“Maa has been a strategic anchor through Grab’s formative years and many of our critical milestones, and has always led with our mission in sight,
“Maa has made a decision to put the needs of his family first, and it’s one that I respect and fully support,” he added.
He expects a smooth transition, as the firm has built out its management team in the last few years, comprising leaders with extensive experience in public listed companies.
“This stable leadership core will continue to guide the business towards long-term, sustainable growth,” he said.
Ming Maa, President of Grab, said that he joined Grab because the mission of empowering the bottom half of the population pyramid in Southeast Asia resonated with him in a very deep way.
“It wasn’t just a tagline, it was core to everything Grab is doing and wants to achieve. Grab has come a long way, now serving more than 500 cities and with operating profitability,
According to the statement, Grab does not intend to seek a replacement for the President role.
It said functions currently reporting to the President will be subsumed under other Grab leaders.
Grab also announced that Ong Chin Yin, Chief People Officer at Grab, will be appointed to its Board of Directors, with effect from January 1, 2024.
Grab is also announcing that it will be expanding its Board of Directors to seven members with an independent director to be identified.
According to the statement, Ong will assume Grab Co-Founder Tan Hooi Ling’s role on the Board of Directors, as she formally steps down from her role on Grab’s Board of Directors with effect from December 31, 2023 and moves into an advisory role to Grab.
“Our people are key to cultivating a culture of innovation and sustainable growth,
“Ong brings over 20 years of experience in organisational design in both fast-moving consumer goods (FMCG) and tech industries, and has developed the tools and structure for a strong performance culture in Grab,” said Anthony Tan.
According to him, Ong appointment to the firm’s Board ensures their company vision and people strategies are closely aligned to achieve their triple bottom line.
Grab also said it will be expanding its Board of Directors to seven from six presently, and is actively engaged in identifying an additional independent director for its Board.
Once appointed, Grab’s Board of Directors will comprise five independent members and two Grab Executive Committee members.
Grab’s board members from January 1, 2024 include Anthony Tan; Oliver Jay, formerly Chief Revenue Officer, Asana; Dara Khosrowshahi, Chief Executive Officer, Uber; Ng Shin Ein, Board member, Starhub Limited, Singapore Land Group Limited, CSE Global Limited, Avarga Limited; Ong; John Rogers, Chief Financial Officer-designate, Smith+Nephew.