SoftBank execs’ pay slashed after historic Vision Fund loss
SoftBank Group Corp.’s prime executives noticed steep cuts of their paychecks because the Japanese conglomerate marked a historic loss for its Vision Fund unit.
The firm’s founder and Chief Executive Officer Masayoshi Son stored his pay unchanged at 100 million yen (roughly $785,000), nevertheless a few of his prime executives whose compensation was made public by means of an organization submitting on Monday noticed large drops following a file $20.5 billion loss.
Chief Financial Officer Yoshimitsu Goto made 293 million yen, down virtually 40% from the earlier 12 months. Ken Miyauchi, chief of SoftBank’s home telecom operation, made 539 million yen, down 15%. Both long-serving lieutenants have helped lead SoftBank’s a number of reinventions, from broadband supplier to telecom operator to the world’s greatest tech investor.
Simon Segars, who stepped down as the top of the corporate’s chip unit Arm Ltd. in February, earned 1.15 billion yen through the almost-three months that he was a board director, SoftBank mentioned, with out offering additional particulars. Segars obtained 1.88 billion yen within the earlier 12 months, ended March 2021.
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Ronald Fisher, Son’s long-time lieutenant who additionally stepped down from his function main the Vision Fund’s US arm in April, earned 126 million yen throughout his time as a board director final 12 months from April to June 23. He bought 917 million yen within the prior 12 months and stays an adviser to Son.
SoftBank didn’t disclose what compensation former Chief Operating Officer Marcelo Claure, beforehand one in every of Son’s most trusted allies and highest-paid executives, obtained earlier than his departure earlier this 12 months. He earned 1.8 billion yen within the prior 12 months. Compensation was additionally 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 greatest loss ever for the 12 months ended Mar. 31 as a selloff in tech shares deflated the worth of its portfolio firms, together with public holdings like Coupang Inc. and Didi Global Inc.
The Japanese tech investor earlier this week named enterprise capitalist David Chao to hitch its board because it tries to regain its footing from money-losing investments. Chao’s appointment shall be topic to approval on the upcoming annual normal assembly of shareholders on Jun. 24.
To evaluate SoftBank pay with govt compensation filed to the US Securities and Exchange Commission, see the Bloomberg Pay Index.
