Grab, Ubers archival in Southeast Asia, is losing its first CFO just seven months after her appointment, the company confirmed.
Linda Hoglund joined Singapore-based Grabfrom video streaming company HOOQ in May, where she had also been CFO, butfour-year-old Grab announced her departure internally as part of areshuffle of its financial management team.
TechCrunch understands that Grab has appointedan interim CFO from within its own ranks, but itisnt actively recruiting for a direct replacement. Thats because many of Hoglunds responsibilities will be transferred to Grab President Ming Maa, who joined the company from Grab investor SoftBank in October, and transitioning to that new structure is the immediate priority.Hoglund will stay on for a couple of months to aidwith that change.
Maa spent more than a decade in investment roles that included a stint with Goldman. As Grab President, he is tasked with managing the companys overall capital structure among other responsibilities, according to a statement made at the time ofhis appointment.
Grabs internal announcement of Hoglunds departure said that shed developed the companys financial structure and process to enable it to scale further in the future. Her exit, it added, was on account of her desire to return to a more hands-on, operationalrole.
Her tenure wasbrief, but Hoglunds time at Grabincluded its $750 million Series F round, which closed in September at a post-money valuation of $3 billion, and Didi Chuxings acquisition of Ubers China business. That latter development impacted Grab in a number of ways:throwing uncertainty onits relationship with Didi and adding pressure asUber increased its focus on Southeast Asiaand other high-growth potential markets.
Grab was founded in 2012 and it operates in over 30cities insix countries acrossSoutheast Asia. It claims some 24milliondownloads and a pool of more than 500,000 drivers. The companyhas now raised over $1.4 billion and, like other ride-sharing operatorsworldwide, theres a big question on its future exit, which could be an IPO in the future. If so, getting the necessaryfinancial systems and structure in place is an important step, and that could well be one of the factors behind this reshuffle.
Hoglunds isnt the only C-level executive to have a shorter-than-expected stint with Grab. Former Facebook engineer Wei Zhu was Grabs CTO and head ofits $100 million R&D centerin Singapore. He left his role inAugust 2015 after a year in the job and has been involved in a legal squabble with Grab over his stock options.