- General
- November 9, 2020
- 3 minutes read
SoftBank Drops 4 Board Members
Marcelo Claure, COO, Softbank. Japanese tech conglomerate SoftBank has announced a restructuring that’ll see four of its current board members…
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| Marcelo Claure, COO, Softbank. |
Japanese tech conglomerate SoftBank has announced a restructuring that’ll see four of its current board members step down from their positions, the four members being Marcelo Claure, SoftBank’s Chief Operating Officer; Rajeev Misra, head of the SoftBank Vision Fund; Katsunori Sago, SoftBank’s Chief Strategy Officer; and Yasir Al-Rumayyan, a representative of the Public Investment Fund of Saudi Arabia.
The restructuring leaves nine board members at SoftBank including CEO Masayoshi Son. Three of the board members who stepped down will retain their roles as corporate officers at SoftBank.
SoftBank’s restructuring coincides with the release of its quarterly earnings results that showed investment gains of $6 billion thanks to lucrative bets on companies such as Chinese real estate brokerage Beike. The company bounced back from a $2 billion loss in the second quarter of this year to a $6 billion gain in the third quarter as it bought big positions in major tech companies including Amazon, Facebook, and Zoom.
SoftBank reported $16.8 billion in public stockholdings as of the end of the third quarter, including $6.3 billion in Amazon, $2.2 billion in Facebook, and $1.8 billion in Zoom. The company has also forayed into the trading of derivatives, a foray that drew controversy.
