Grab co-founder Tan Hooi Ling to step down from operating roles by year-end

GRAB co-founder Tan Hooi Ling, who has helmed the company alongside chief executive Anthony Tan since 2012, will step down from her operating roles and directorship by year-end.

Grab’s announcement on Thursday (May 25) confirmed an earlier flash report by The Business Times (BT) of her departure from executive duties, while remaining as an adviser.

Sources told BT that the move was made known to employees during a company-wide town hall on Thursday morning. Anthony Tan sought to assure staff in an internal memo: “Today, we have the strongest leadership bench we have ever had.”

Tan Hooi Ling’s departure leaves Grab without the dual stewardship of its co-founders, who started the company during their MBA course at Harvard.

A self-professed introvert, Tan – unrelated to Anthony – took charge of Grab’s technology development, where her know-how helped her strike an easy camaraderie with engineers.

Grab is among regional tech giants fighting to win back investors by finally turning a profit, a feat that has so far only been achieved by internet company Sea. Its shares have tumbled about 65 per cent from a December 2021 peak.

Grab made losses of US$250 million in Q1 this year. The company, however, made an upward revision of adjusted earnings before interest, tax, depreciation and amortisation – its own way of tracking profitability.

Tan mentors chief technology officer Suthen Thomas and chief product officer Philipp Kandal. She has also served on Grab’s board since its listing in December 2021, when the company went public in the world’s largest special purpose acquisition company deal.

She previously led various operations and technology teams as chief operating officer, until the appointment of Alex Hungate in January 2022.

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In a statement on Thursday, Tan said: “There are many other personal passions that I have put aside to build Grab with Anthony.”

“With the strong leadership bench we currently have, 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,” she said.

Tan added that she looks forward to seeing Thomas and Kandal “take our technology teams to greater heights”.

Grab shares were trading at US$3.05 as at 12.27 pm (Singapore time), up 1.3 per cent or US$0.04.