×
You will be redirected back to your article in seconds

Softbank President Nikesh Arora Resigns

TOKYO — Softbank president Nikesh Arora announced his resignation on Tuesday. Once anointed as the successor to founder and CEO Masayoshi Son, Aurora explained on Twitter that Son, 58, had decided to stay on longer than planned as CEO and added that it’s “time to move on.”

Son confirmed his change of heart in a statement, saying this his work as CEO “is not done” and that he would remain in the post for another five or 10 years.

Arora was scheduled to be officially named to the Softbank board at the general shareholders meeting on Wednesday. He has said that he will remain with the company as an advisor and has reportedly agreed to sell 9.52 million Softbank shares to Son.

A former executive at Google, Aurora was brought aboard by Son nearly two years ago to oversee an aggressive program of acquisitions, focusing on digital commerce start-ups and entertainment/media companies. Son later tapped Aurora as his successor.

Investors, however, have been complaining about Aurora’s high compensation — he took home $135 million in 2014 — and the lack of profits from his buying spree.

In an effort to reduce its $80 billion in debt, Softbank unloaded $10 billion in shares this month in Chinese e-commerce giant Alibaba and announced today the sale of its entire stake in Finnish game developer Supercell to Chinese digital media colossus Tencent for $7.8 billion.

More Biz

  • China Video Streaming Giant iQIYI Loses

    Chinese Video Giant iQIYI Loses $1.3 Billion in 2018

    Chinese video streaming firm iQIYI lost over $1.3 billion in 2018, as revenues and subscriber numbers ballooned. The deepening losses reflected ever higher spending on original content production. Announcing its first full-year financials since a March IPO that launched it onto the NASDAQ, iQIYI said that it lost $1.3 billion (RMB9.1 billion) last compared with [...]

  • Lisa Borders Time's Up

    Time's Up CEO Resigned After Son Was Accused of Sexual Assault

    Time’s Up has announced in a statement posted to Instagram that its former president and CEO Lisa Borders, who resigned Feb. 18, did so after her son was accused of sexual assault in a “private forum.” “Within 24 hours, Lisa made the decision to resign as President and CEO of Time’s Up and we agreed [...]

  • Louis Tomlinson Signs With Arista (EXCLUSIVE)

    Louis Tomlinson Signs With Arista (EXCLUSIVE)

    One Direction’s Louis Tomlinson has signed with Arista, sources tell Variety. While the singer was formerly linked with Epic Records in 2017, he is signed directly to Simon Cowell’s Syco label and will move within the Sony Music family to Arista. Tomlinson teased a new single on Feb. 2, posting on Twitter, “Just heard the [...]

  • Jussie Smollett

    Jussie Smollett's Bail Set at $100,000, Must Surrender Passport

    UPDATED: A Chicago judge set a $100,000 bond for Jussie Smollett on Thursday, as the “Empire” actor made his first court appearance. Smollett faces one felony count of filing a false police report. Police allege that Smollett staged a Jan. 29 attack, telling detectives that he was accosted by two men who used racial and [...]

  • Michael Jackson Estate Accuses HBO of

    Michael Jackson Estate Sues HBO for Non-Disparagement Contract Breach

    The estate of Michael Jackson sued HBO on Thursday, accusing the cable channel of violating a non-disparagement clause by agreeing to run “Leaving Neverland,” a documentary accusing Jackson of sexual abuse. The suit seeks to compel HBO to litigate the matter in a public arbitration process, and claims that the estate could be awarded $100 [...]

  • Allison Kaye

    Scooter Braun Names Allison Kaye Partner at Ithaca Holdings (EXCLUSIVE)

    On the back of a history-making debut by Ariana Grande, who claims the top three songs on the Billboard Hot 100 chart this week (tying the Beatles), Scooter Braun has appointed his longtime deputy Allison Kaye to partner at Ithaca Holdings LLC, which houses SB Projects. She was previously president of music at the 12-year-old [...]

More From Our Brands

Access exclusive content