Senior Grab executives quit as company rejigs unit to stem losses

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Photo from: Inside Retail Asia

By Inside Retail Asia

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.

Chris Yeo, who heads Grab’s payments and rewards business and has been with the company for nearly six years, is leaving along with Jeffrey Goh, who leads the payments gateway business, the sources familiar with the matter told Reuters.

Both Yeo and 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 in 2021 from $2.7 billion a year earlier, while revenue rose 44 per cent, with investors focusing on how the firm plans to stem losses.

Grab narrowed its loss in the first quarter.

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