Grab Co-founder Tan Hooi Ling To Depart By 2023 End

Grab Holdings Limited GRAB co-founder Tan Hooi Ling is preparing to relinquish her operational and board roles by 2023 end.
Tan will transition into an advisory role with the ride-hailing and food-delivery company.
She co-founded Grab with Anthony Tan, Group CEO, in 2012 and worked at other companies in the U.S. before rejoining Grab in April 2015.
Tan currently leads Grab’s technology organization and is mentoring the next generation of technology leaders, including Suthen Thomas, Grab’s Group Chief Technology Officer, and Philipp Kandal, Chief Product Officer.
Last week, Grab reported first-quarter FY23 revenue growth of 130% year-on-year to $525 million, beating the consensus of $490.1 million driven by growth across segments. EPS loss of $(0.06) is in line with the consensus.
Revenue for the Deliveries segment rose 203% Y/Y (217% Y/Y on a CC basis) to $275 million, driven by Jaya Grocer. Mobility revenue was $194 million, up 72% Y/Y (77% Y/Y on a CC basis) as Southeast Asia opened up.
Grab reiterated FY23 revenue of $2.20 billion - $2.30 billion, up by 54% - 60% Y/Y vs. consensus $2.24 billion, and adjusted EBITDA breakeven in Q4 2023.
Analysts regard GRAB as a market consolidator in Southeast Asia, with the group breakeven as a potential rerating catalyst.
Price Action: GRAB shares traded higher by 0.33% at $3.06 premarket on the last check Thursday.
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