SoftBank’s Masayoshi Son due to management failure by barbecue investors

Masayoshi Son told shareholders that SoftBank would not prioritize short-term trading profits as the company, the world’s most aggressive technology fund after Greensill և collapsed, faced management failures.

At the annual shareholders’ meeting on Wednesday, the 63-year-old billionaire founder defended the governing structure of the Japanese conglomerate, saying that the board is not a “Masayoshi Son show”.

“I personally feel we need to pay more attention to governance,” Son said during the 90-minute online event. “We plan to manage our investments according to other compliance rules so that we do not focus on the pursuit of short-term benefits using financial engineering techniques.”

Following approval at its annual meeting, SoftBank’s nine-member board added five non-executive directors, four of whom are considered independent.

Several top executives have resigned in recent years, including Tadashi Yanai, CEO of Fast Clothing Retailing, and Jack Ying Man, co-founder of China’s Alibaba Internet Group. SoftBank CEO Yuko Kavamoto, who: retreated Last month, he also called on group leaders and staff to improve management.

On Wednesday, Son faced tough investor questions, even after SoftBank registered last month. When is the highest? annual net profit for Japanese business as it is a $ 100 billion Vision Fund was promoted by list of portfolio companies, including Coupang և DoorDash.

Despite performance, SoftBank shares fell 28% from a 21-year high in mid-March, with investors disappointed that Son did not announce feedback on additional shares After completing the $ 23 billion repurchase program.

On Wednesday, Sean said that the repurchase of shares was still an option, but disputed one shareholder claim that the repurchase of shares was the only way for the company to raise its share price.

Questions about the Group’s investment oversight also reappeared Catheter collapse, A US construction company supported by the Vision Fund. Catherine was a customer Greensil, A supply chain financing company backed by SoftBank, which also collapsed this year.

Son told investors in May that he would reduce the amount of investment SB Northstar:The SoftBank division, named last year, has been dubbed the “Nasdaq Point” for its wholesale bets on US tech stocks. His options trading ended largely unprofitable, with stocks rising $ 5.6 billion in July.

Another focus of shareholders was the legacy, as Son announced in recent months that he could continue to run the company after turning 69 years old. Son had previously said he would pass it on to the next generation of rulers in the 1960s.

“I can be deeply involved in governance, either as president or in office, even at the age of 69,” he said.

The founder of SoftBank added that he hopes to narrow down the list of possible successors before the age of 70, that the search will be carried out both within the organization and abroad, including the founders of companies supported by the Vision Fund and its $ 30 billion ongoing fund.

“Although I’m mainly focused on the Vision Fund, one of my priorities is to find a replacement, and I’m sure the job is done,” Son added.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button