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Nikesh Arora resigns as SoftBank President, assume advisory role

Nikesh Arora, President of SoftBank

Tokyo, June 23 (UITV)- Nikesh Arora, one of the highest paid people in the corporate world, announced that he would be stepping down from his current position of President of SoftBank. Simultaneously, he will also step down from the Chairmanship at Yahoo Japan, a company in which SoftBank has a 36.4 percent stack, as well as the Director of Sprint, an acquisition of SBG.

SoftBank said Arora and Chairman and Chief Executive Masayoshi Son had disagreed over when Arora would replace Son as head of the group.

Masayoshi Son made it clear that Mr. Arora won’t get the top job in the near future. The development comes the day after a special committee, comprising independent members of the SoftBank Group board of directors, gave Mr. Arora a clean chit in an internal investigation for alleged irregularities in SoftBank’s investment in Indian startups.

Son said while he had hoped to hand over the top job to Arora on his 60th birthday, but there is a need for me to continue at this post. “I want to cement SoftBank 2.0, develop Sprint to its true potential and work on a few more crazy ideas. This will require me to be CEO for atleast another 5 to 10 years; this is not a time frame for me to keep Nikesh waiting for the top job.” Son said.

Arora joined SoftBank Group from Google where he was the Chief Business Officer in September 2014. He took the position of Vice Chairman of SBG and CEO of SB Group US. Inc in September 2014.

During his tenure, SoftBank invested in a set of ground-breaking growth-stage companies in India like Snapdeal, Ola, Oyo, Grofers and extended its footprint in Asia successfully.

SoftBank also announced that Arora will assume an advisory role with the company beginning July 1.