2 More Directors Depart from SoftBank Group: FT
- SoftBank Group Corp (OTC: SFTBY) (OTC: 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 (OTC: FRCOY) CEO Tadashi Yanai and Alibaba Group Holding Ltd (NYSE: 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 (NASDAQ: NVDA).
- Price action: SFTBY shares traded lower by 1.47% at $39 on the last check Friday.
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