Grab appoints UOB board member as COO ahead of IPO

Details:

• Hungate will leave SATS in December and replace Grab’s Tan Hooi Ling, who will continue running the tech, people operations, and corporate strategy as Grab’s co-founder. SATS is a food solutions company for airlines, airports, cruise lines, food service chains, and institutions, among others.
• Currently, Hungate serves on the board of Singapore’s Economic Development Board and United Overseas Bank (UOB). He previously held senior roles at global firms including HSBC Singapore.

Dive deeper:

• The management change comes ahead of Grab’s plans to go public in the US through a deal with a special purpose acquisition company (SPAC) Altimeter Growth, the largest of its kind yet.
• Grab has increased its stake in Bumi Cakrawala Perkasa, the parent firm of Indonesian e-wallet Ovo, from 39% to 90%. The move is part of the ride-hailing giant’s plans to expand its services into Indonesia’s financial services sector. (Read: Grab sees sudden spurt of Indonesian investors, but why?)