Uber Group CEO Dara Khosrowshahi exits Grab board

Grab continues work on its foodpanda Taiwan acquisition.

Uber Group CEO Dara Khosrowshahi has stepped down from Grab’s board of directors as the Singapore-based company works to complete its proposed acquisition of foodpanda’s Taiwan business.

Khosrowshahi ceased to serve on the board, effective 6 July, according to a bourse filing.

He first joined the board of Grab Holdings Inc. in 2018, following Uber’s sale of its Southeast Asia business to the company. He later joined the board when the company went public.

The board now comprises six directors, of whomst four are independent. Uber’s economic interest in Grab is unchanged by the transition.

The move follows Grab’s plans to acquire Delivery Hero SE’s foodpanda delivery business in Taiwan for $767.08m (US$600m) in cash.

The transaction is structured on a cash-free, debt-free basis, according to a statement in March.

The acquisition would mark the company’s ninth market and its first outside Southeast Asia. The group is expected to operate across 21 cities in Taiwan following the completion.

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