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Deepti Sri · · 1 min readGrab appoints UOB board member as COO ahead of IPO
“Grab, which plans to go public via a merger with Altimeter Growth Corp by the end of this year, has appointed Alex Hungate, chief executive officer of SATS, as its chief operating officer,” Bloomberg reported.
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?)
Editing by Collin Furtado and Eileen C. Ang
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