Japanese conglomerate also books a $1.3bn loss on its Nasdaq trades over the summer
Japan’s SoftBank has culled three of its most senior executives from its board, including the head of its $100bn Vision Fund, Rajeev Misra, after pressure from investors to improve its corporate governance.
In its most serious governance shake-up in years, the Masayoshi Son-led conglomerate said Mr Misra would leave the board alongside Marcelo Claure, its chief operating officer, and Katsunori Sago, its chief strategy officer.
Yasir al-Rumayyan, who represented Saudi Arabia’s Public Investment Fund, the largest investor in the first Vision Fund, has also left the board. The group said the move would strengthen the role of the four non-executive directors on the board following governance lapses that came to light after the WeWork debacle.
In February, the US hedge fund Elliott built a $2.5bn stake in SoftBank and called for Mr Son to improve its governance and return cash to investors.