2 senior Grab executives quit as company rejigs unit to stem losses
Two top executives at Grab Holdings' fintech business have quit, adding to other senior departures in recent months, as the Southeast Asian ride-hailing and delivery firm rejigs the key unit at the loss-making group, two sources said.
Mr Chris Yeo, who heads Grab's payments and rewards business and has been with the company for nearly six years, is leaving along with Mr Jeffrey Goh, who leads the payments gateway business, the sources familiar with the matter told Reuters.
Both Mr Yeo and Mr Goh worked at the Grab Financial Group's GrabFin unit, which provides digital payments, financing, insurance, rewards, and wealth management services, and is an important plank of Grab's regional growth strategy.
The latest executive departures come as Grab's losses rose to US$3.6 billion (S$4.95 billion) in 2021 from US$2.7 billion a year earlier, while revenue rose 44 per cent, with investors focusing on how the firm plans to stem losses.
"Many business groups within GrabFin have been put on notice with significant performance metrics," said one of the sources. "There's an intense focus on getting to profitability."