2 More Directors Depart from SoftBank Group: FT

2 More Directors Depart from SoftBank Group: FT
  • SoftBank Group Corp SFTBY SFTBF directors Yuko Kawamoto and Ron Fisher will depart as board members, the Financial Times reports.
  • High pressure from U.S. hedge fund Elliott Management and other investors over better corporate governance practices led to the election of Kawamoto.
  • Kawamoto had reportedly challenged its founder Masayoshi Son on internal control issues.
  • SoftBank’s first woman director Kawamoto will become National Personnel Authority commissioner. SoftBank has selected another female director to replace her.
  • Fisher, who supervised most of SoftBank’s WeWork investment, will depart after 26 years. He reportedly worked the closest with management on its strategy and growth plans.
  • SoftBank has defended the resignation as Fisher’s decision and was unrelated to the WeWork investment.
  • Fast Retailing Co Ltd FRCOY CEO Tadashi Yanai and Alibaba Group Holding Ltd BABA co-founder Jack Ma resigned as directors as SoftBank started investing in technology start-ups through its $100 billion Vision Fund. 
  • Arm CEO Simon Segars will depart after SoftBank sold the U.K. company to NVIDIA Corp NVDA.
  • Price action: SFTBY shares traded lower by 1.47% at $39 on the last check Friday.
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