Grab Holdings announced on Tuesday that Uber CEO Dara Khosrowshahi has stepped down from its board, a move that comes as the Southeast Asian tech giant seeks to push through its proposed $600-million acquisition of foodpanda’s Taiwan business.
In a US securities filing, Grab said Khosrowshahi’s exit took effect on July 6. He had served on the board of Grab’s subsidiary since 2018, when Uber sold its Southeast Asian business to Grab, and later joined the listed company’s board after Grab went public.
Grab said Uber’s economic interest in the company remains unchanged by the board transition. Following the change, Grab’s board comprises six directors, four of whom are independent.
In a statement accompanying the filing, Grab said Khosrowshahi stepped down from the board as “the company continues with its effort to complete its proposed acquisition of foodpanda’s Taiwan business.”
“On behalf of the Board, I want to thank Dara for his counsel and contributions over the past eight years. His perspective on building global technology platforms has been invaluable to Grab’s growth, ” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.
Khosrowshahi said it had been a privilege to serve on Grab’s board and help guide the company “towards becoming a profitable company built for the long term.”
Taiwanese regulators have shown a tough stance on consolidation in its delivery market.
In December 2024, Taiwan blocked Uber’s earlier $950-million bid to acquire foodpanda Taiwan, citing anti-competitive concerns and saying the combined entity would control more than 90% of the local food delivery market. Uber later terminated the transaction.
Grab’s proposed purchase of foodpanda Taiwan, announced in March, is also subject to the same regulatory approval. Delivery Hero said at the time that it had agreed to sell the Taiwan business to Grab for $600 million in cash, with the transaction expected to close in the second half of 2026, pending approvals.
The deal would mark Grab’s first full-scale market entry outside Southeast Asia, while placing it in direct competition with Uber Eats in Taiwan. That dynamic has raised concerns as Uber remains Grab’s largest disclosed institutional shareholder.
In a statement, Grab CEO and co-founder Anthony Tan said the company remains committed to “independent governance” anchored in its founder-led structure and decision-making in Singapore.
Grab’s shares ended trading down 1.28% at $3.85 apiece, after dipping by as much as 6% intraday before paring losses later in the session.
