Grab Holdings president to step down from April 2024

By Xinghui Kok

SINGAPORE, Nov 14 (Reuters) - The president of Singapore-based Grab Holdings will step down from the ride-hailing company at the end of April 2024, Grab said on Tuesday.

Ming Maa, who joined Grab in September 2016, will focus on his corporate development responsibilities from now until he leaves the company, Grab said in a statement.

Maa was involved in Grab's merger with Uber's Southeast Asia operations in 2018 and Grab's public listing on NASDAQ in 2021.

Grab said it did not intend to replace the president role and functions currently reporting to Maa would be allocated to other Grab leaders.

Maa's planned departure follows that of co-founder Tan Hooi Ling, who in May said she would step down from her operating roles by the end of this year.

In the same statement, Grab said its chief people officer Ong Chin Yin would take over Tan's role on the board from Jan. 1.

Grab is also expanding its board of directors to seven seats from the current six and is looking for an additional independent director.

Last week, the Southeast Asian internet firm reported its first adjusted core profit, with adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $29 million.

(Reporting by Xinghui Kok Editing by Mark Potter)

((xinghui.kok@thomsonreuters.com;))