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.
Since listing on Nasdaq in December after a record $40 billion merger with a blank check firm, Grab’s shares have shed three-quarters of their value against a backdrop of plunging tech stocks and its continued 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.”
Yeo and Goh, managing directors at Grab, which counts SoftBank Group Corp’s Vision Fund and Uber as its biggest shareholders, are serving their notice periods, said the sources, declining to be identified as they were not authorised to speak to the media.
The news of their exits and the rejig at GrabFin has not been made public previously.
Inside Retail can also report that Grab’s Vietnam MD Nguyen Thai Hai Van resigned in March and was scheduled to finish last month.
The departures at GrabFin come a month after Grab’s head of lending, former banker Ankur Mehrotra, who played a key role in the fintech unit’s expansion, quit after a six-year stint.
This year, one of Grab’s senior tech executives also departed to lead a cryptocurrency gaming firm, while Grab’s head of insurance and wealth left to form a startup.
Grab declined to comment specifically on the executives’ departures. There was no immediate response from Yeo and Goh to a Reuters query.
In an email response to Reuters, Grab said it was focused on expanding its regional fintech ecosystem and saw significant opportunity in Southeast Asia across all its businesses. It said its fintech operations would now be led by its country teams.
Zilingo founder fired; claims no chance to redress accusations
Singapore-based fashion startup Zilingo has fired its CEO Ankiti Bose after an independent investigation into “complaints of serious financial irregularities,” the company said in an emailed statement on Friday.
Bose, who was initially suspended by the company earlier this year, said she had been wrongfully dismissed.
She told Reuters in an emailed statement that Zilingo had instructed a company named Kroll to investigate an “anonymous whistle-blower complaint” against her.
“At the point of my purported termination, I have yet to be presented with the findings of both Kroll AND Deloitte and my reports being incomplete, the board has wrongfully terminated me today for ‘insubordination’ without giving me a chance to address fully the concerns that have been raised,” she said.
Bose founded Zilingo in 2015 with Dhruv Kapoor. The company has 600 employees spread across operations in Australia, Singapore, Indonesia, Hong Kong, Thailand, the Philippines, India and the US.
Her suspension came as Zilingo aimed to raise US$150 – 200 million from investors with support from Goldman Sachs Group. Questions were raised about the company’s finances during the due diligence process.
Last week, Zilingo’s debtholders decided to recall their entire loan, leading the Singapore-based company to appoint a financial adviser to assess options.
“Due to Zilingo’s failure to fulfil prior obligations under the loan agreement, the company’s lenders have made the decision to accelerate the repayment of the entire loan,” Zilingo’s board said in a statement to Reuters.
Glossier CEO steps down
Glossier founder and CEO Emily Weiss has announced her departure from her role, making way for former chief commercial officer Kyle Leahy to take over.
Weiss broke the news of her exit on Glossier’s blog in an open letter.
“A founder is a forever identity, one that starts with a kernel of an idea and never ends. I will always be Glossier’s founder. But a CEO is the champion that a company looks to, to lead it into tomorrow. From my observation, the greatest companies in the world understand this distinction and make sure that the CEO seat is always filled with the right person to take it where it needs to go for its brightest next chapter,” she wrote.
“Every year I reflect on Glossier, and specifically, the ever-evolving role of the CEO in our young company’s lifecycle. I check in and ask myself the same question: Am I the best person to lead the company, for where we are and where we’re headed?”
Earlier in her career, Leahy built the omnichannel marketplace strategy at Nike, led the reinvention and acceleration of Cole Haan and drove digital innovation at American Express, Weiss explained in the letter.
“As Kyle takes the helm day-to-day, I’m humbled and excited to step into the role of executive chairwoman, working closely with Kyle and our board on stewarding Glossier into 2025, 2030 and beyond,” Weiss said.