Grab CEO Tan to Get Majority Voting Control in Record SPAC Deal
- Share-class structure ensures co-founder retains control
- Dual-class share structures are popular, have faced criticism
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Chief Executive Officer Anthony Tan will receive majority voting control at Grab Holdings Inc. as it merges with Altimeter Growth Corp., a corporate governance decision that will tighten his grip over the startup he co-founded less than a decade ago.
Tan, 39, will end up with 60.4% of the voting power while owning a stake of 2.2%, enabled by different share classes, according to a regulatory filing. He holds 2.6% of the current voting power in Grab, matching his ownership of common shares.