Singapore-based ride-hailing giant Grab’s president Ming Maa is exiting the firm, according to an announcement on Tuesday.
The Nasdaq-listed company said that Maa will step down from Grab at the end of April 2024.
His decision to depart follows shortly after the announcement of Tan Hooi Ling’s stepping down in May. Tan co-founded Grab in 2012 alongside CEO, Anthony Tan. She will step down from her operational roles from 31 December 2023 while transitioning into an advisory role in Grab.
This is prompting several changes at Grab’s board level.
Grab’s chief people officer, Ong Chin Yin — who has served the company since 2015 — will be appointed to its board of directors with effect from 1 January 2024.
The firm will also expand its board to seven seats from six, with an independent director to be appointed in due course. The full board will eventually comprise five independent members and two executive committee members.
Apart from Anthony Tan, the Grab board will have 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.
In a statement, Grab’s CEO Anthony Tan called Ming Maa a “strategic anchor” through the firm’s formative years.
Maa joined Grab in September 2016 via SoftBank Group, after helping the Japanese investor lead its Series D investment into the company in 2015 and subsequently its Series F round in the following year. He played a key role in navigating Grab through its historic merger with Uber’s Southeast Asia operations in 2018 and its Nasdaq IPO in 2021.
“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,” said Anthony Tan.
“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 publicly listed companies. This stable leadership core will continue to guide the business towards long-term, sustainable growth,” he continued.
“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,” said Maa, President at Grab.
“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,” added Maa.
Grab added that it will not seek a new replacement for the president role. All functions currently reporting to the present will come under other Grab leaders.