Grab Announces Updates To Its Directors and Officers
NEW YORK, November 14, 2023 – Grab Holdings Limited (NASDAQ: GRAB) today announced updates to its directors and officers. 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. Ming Maa, President at Grab, has decided to step down from the Company at the end of April 2024.
Additions to Board of Directors
Chin Yin will assume co-founder Tan Hooi Ling’s role on the Board of Directors, as Hooi Ling 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.
Chin Yin has served as Grab’s Chief People Officer since November 2015, and leads the People Operations, Grabber Technology Solutions, Corporate Real Estate and Security teams.
Anthony Tan, Group CEO and Co-founder, Grab said, "Our people are key to cultivating a culture of innovation and sustainable growth. Chin Yin brings over 20 years of experience in organisational design in both FMCG and tech industries, and has developed the tools and structure for a strong performance culture in Grab. Her appointment to our Board ensures our company vision and people strategies are closely aligned to achieve our triple bottom line."
Grab 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: Anthony Tan, Group Chief Executive Officer and Co-founder, Grab; 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 Chin Yin, Chief People Officer, Grab; John Rogers, Chief Financial Officer-designate, Smith+Nephew.
Role of President
In the interim until end-April 2024, Maa will focus on his corporate development responsibilities as he transitions away from his role as President.
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.
Anthony Tan, Group CEO and Co-founder, Grab said, “Ming 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. I’m grateful to have him as a comrade through the years, and more importantly, as a good friend. Ming has made a decision to put the needs of his family first, and it’s one that I respect and fully support. I expect a smooth transition, as we’ve built out our 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.”
Ming Maa, President, Grab said “I joined Grab because the mission of empowering the bottom half of the population pyramid in Southeast Asia resonated with me 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. I feel confident stepping away from my day-to-day role at Grab knowing that we have a strong bench of senior leaders who will continue to drive the company towards its mission and focus on outserving our users and partners.”
Grab does not intend to seek a replacement for the President role. Functions currently reporting to the President will be subsumed under other Grab leaders.
This document contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this document and the webcast, including but not limited to, statements about Grab’s goals, targets, projections, outlooks, beliefs, expectations, strategy, plans, objectives of management for future operations of Grab, and growth opportunities, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast” or other similar expressions. Forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of Grab, which involve inherent risks and uncertainties, and therefore should not be deemed to necessarily materialize or relied upon as being necessarily indicative of future results. A number of factors, including macro-economic, industry, business, regulatory and other risks, could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: Grab’s ability to grow at the desired rate or scale and its ability to manage its growth; its ability to further develop its business, including new products and services; its ability to attract and retain partners and consumers; its ability to compete effectively in the intensely competitive and constantly changing market; its ability to continue to raise sufficient capital; its ability to reduce net losses and the use of partner and consumer incentives, and to achieve profitability; potential impact of the complex legal and regulatory environment on its business; its ability to protect and maintain its brand and reputation; general economic conditions, in particular as a result of COVID-19, currency exchange fluctuations and inflation; expected growth of markets in which Grab operates or may operate; and its ability to defend any legal or governmental proceedings instituted against it. In addition to the foregoing factors, you should also carefully consider the other risks and uncertainties described under “Item 3. Key Information – D. Risk Factors” and in other sections of Grab’s annual report on Form 20-F for the year ended December 31, 2022, as well as in other documents filed by Grab from time to time with the U.S. Securities and Exchange Commission (the “SEC”).
Forward-looking statements speak only as of the date they are made. Grab does not undertake any obligation to update any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required under applicable law.
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