Grab CEO Says Virus Is ‘Biggest Crisis’ in Company’s History
- CEO says will make tough decisions to ‘right-size’ costs
- Ride-hailing activity is crumbling during the pandemic
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Grab Holdings Inc. Chief Executive Officer Anthony Tan warned that the coronavirus is creating significant challenges for the Southeast Asian ride-hailing startup that will require “tough decisions” about cutting costs and managing capital.
“Covid-19 is the single biggest crisis to affect Grab in the eight years of our existence,” Tan said in a message to investors and partners on Monday. “It has had an unprecedented impact on our operations, our business and the livelihoods of our partners.”