SINGAPORE: The president of Singapore-based Grab Holdings will step down from the ride-hailing company at the end of April 2024.
In a press release issued on Tuesday (14 Nov), Grab said 46-year-old Ming Maa, who joined Grab in September 2016, will be concentrating on his corporate development responsibilities until his departure.
The company clarified that there are no plans to seek a replacement for the President role. Instead, the functions currently under the President’s purview will be integrated into the responsibilities of other senior leaders within Grab.
Mr Maa’s decision to depart follows the announcement made earlier by co-founder Tan Hooi Ling, who stated her intention to step down from operational roles by the year’s end.
Mr Maa played a pivotal role in Grab’s journey. Notably, he led the successful merger of the company with Uber’s Southeast Asia operations in 2018 and provided support for Grab’s public listing on NASDAQ in 2021.
Anthony Tan, Group CEO and Co-founder of Grab, praised Mr Maa’s contributions, highlighting his strategic guidance during the company’s foundational years and major milestones, always keeping Grab’s mission at the forefront.
Tan expressed gratitude for their friendship and respect for Maa’s decision to prioritize his family.
“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.”
Tan expressed confidence in a smooth transition due to the strengthened management team established in recent years, composed of leaders with substantial experience in public listed companies.
Prioritizing family: Ming Maa reflects candidly on shifting focus and parenthood
Ming Maa, President of Grab, articulated his initial motivation for joining Grab, emphasizing his profound connection with the mission to uplift the underserved population in Southeast Asia.
“It wasn’t just a tagline, it was core to everything Grab is doing and wants to achieve.”
He said 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.”
Expanding on his decision to step away, Mr Maa elaborated further on his LinkedIn account.
He candidly shared that, regrettably, his family hadn’t always been his top priority in recent years.
“My children are growing, and I’d like to be there for more of it.”
Grab announced in the same statement that Ong Chin Yin, the chief people officer, will assume co-founder Tan Hooi Ling’s board role effective January 1st.
Furthermore, Grab intends to expand its board of directors from six to seven seats, actively seeking an additional independent director.
Last week, the Southeast Asian Internet firm revealed its inaugural adjusted core profit, registering adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$29 million.