SoftBank Group’s top executives saw steep cuts in their paychecks as the Japanese conglomerate marked a historic loss for its Vision Fund unit.
The company’s founder and chief executive Masayoshi Son kept his pay unchanged at 100 million yen (€727,000), however some of his top executives whose compensation was made public through a company filing on Monday saw big drops following a record $20.5 billion (€19 billion) loss.
Chief financial officer Yoshimitsu Goto made 293 million yen (€2.1 million), down almost 40 per cent from the previous year. Ken Miyauchi, chief of SoftBank’s domestic telecom operation, made 539 million yen (€3.9 million), down 15 per cent. Both long-serving lieutenants have helped lead SoftBank’s multiple reinventions, from broadband provider to telecom operator to the world’s biggest tech investor.
Simon Segars, who stepped down as the head of the company’s chip unit Arm Ltd. in February, earned 1.15 billion yen (€8.3 million) during the almost-three months that he was a board director, SoftBank said, without providing further details. Mr Segars received 1.88 billion yen (€13.6 million) in the previous year, ended March 2021.
Ronald Fisher, Mr Son’s long-time lieutenant who also stepped down from his role leading the Vision Fund’s US arm in April, earned 126 million yen (€916,000) during his time as a board director last year from April to June 23rd. He got 917 million yen (€6.6 million) in the prior year and remains an adviser to Mr Son.
SoftBank did not disclose what compensation former chief operating officer Marcelo Claure, previously one of Mr Son’s most trusted allies and highest-paid executives, received before his departure earlier this year. He earned 1.8 billion yen (€13 million) in the prior year. Compensation was also not disclosed for Rajeev Misra, who heads the Vision Fund. Both departed SoftBank’s board in November 2020.
The world’s largest tech fund reported its biggest loss ever for the year ended March 31st as a selloff in tech shares deflated the value of its portfolio companies, including public holdings like Coupang Inc and Didi Global Inc.
The Japanese tech investor earlier this week named venture capitalist David Chao to join its board as it tries to regain its footing from money-losing investments. Mr Chao’s appointment will be subject to approval at the upcoming annual general meeting of shareholders on June 24th.
– Bloomberg
