One in all Southeast Asia’s most well-known feminine entrepreneurs is to step down from her operational roles at Seize, the ride-hailing big she helped discovered greater than a decade in the past.
Tan Hooi Ling, a former chief working officer who presently leads the agency’s expertise and company technique groups, will transfer to an advisory function by the top of the yr, the corporate mentioned Thursday. She may also hand over her seat on the board.
Her exit leaves Seize’s Chief Govt Officer Anthony Tan the powerful activity of reversing years of losses amid more and more fierce competitors within the ride-hailing and meals supply markets, all with out the assistance of the girl who helped him co-found the corporate in 2012.
“Seize has been one of the crucial fulfilling experiences of my life. The impression we create is a mirrored image of who we’re as a group, and I’m humbled to have been in a position to stroll alongside Anthony and the various wonderful Grabbers who share the identical values and work ethic to construct one thing that improves lives in Southeast Asia,” a press release from the corporate quoted Tan Hooi Ling as saying.
After being based as a ride-hailing firm by the 2 Tans – who’re each from Malaysia however are unrelated – Seize rapidly soared to develop into Southeast Asia’s most useful non-public firm. It acquired Uber’s Southeast Asia enterprise in 2018, and has since expanded into quite a lot of different companies, together with meals supply, digital funds and even monetary companies.
However Seize has confronted intensifying competitors from Southeast Asia rivals, together with Singapore’s Sea Ltd, Indonesia’s GoTo Group, and Berlin-based Supply Hero’s Foodpanda.
Seize, which not like a few of its rivals prevented mass layoffs throughout the coronavirus pandemic, posted an annual lack of $1.74 billion in 2022. That was a 51% enchancment on the yr earlier than, in response to its annual report.
In 2021, the corporate merged with a special-purpose acquisition firm, or SPAC, backed by Altimeter Capital in a deal that will pave the best way for a New York itemizing and worth Seize at almost $40 billion.
Earlier than that, Seize had heavyweight backers together with Japan’s SoftBank
(SFTBF) and China’s ride-hailing startup, Didi Chuxing.
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