SoftBank Proposes Three New Board Members as Alibaba's Jack Ma Resigns

added 18.05.2020 20:03

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That meets a demand from activist investor Elliott Management, which has pressed SoftBank to improve board diversity, and also wants a new subcommittee to oversee the investment process at the $100 billion (roughly Rs.

SoftBank will also propose the election of Lip-Bu Tan, CEO of chip design software firm Cadence Design Systems who is also chairman of venture capital firm Walden International, and Yuko Kawamoto, a professor at Waseda Business School as outside directors.

SoftBank will propose three new appointments to the board, including group Chief Financial Officer Yoshimoto Goto, at its annual general meeting on June 25.

SoftBank Group said on Monday that Alibaba co-founder Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son.

"I am doubtful that these four outside directors, in a board of 13, will have much effect slowing Son down before the next WeWork deal," he added, referring to SoftBank's soured bet on the office-sharing startup.