Bloomberg News reports that SoftBank Group Corp’s top-level executives witnessed steep curbs in their paychecks as a historical loss was marked by the company’s Japanese conglomerate for the Vision Fund unit.
Impacts of historical loss
The founder of the company and Chief Executive Officer Masayoshi Son kept his paycheck of 100 million yen, which is approximately $785,000. Still, the top executives whose paychecks were made public in Monday’s company filing saw a huge drop following a record $20.5 billion loss.
Chief Financial Officer Yoshimitsu Goto earned 293 million yen, which is down by almost 40% compared to the previous year. Ken Miyauchi, the chief of SoftBank’s domestic telecom operation, made about 539 million yen, which is again down by 15%. Both long-serving top executives have fostered multiple reinventions of SoftBank, ranging from broadband provider to telecom operator to the world’s largest tech investor.
Simon Segars, who was the head of the chip unit Arm Ltd of the company, stepped down, made 1.15 billion yen during the approximately three months while he was the board director, as stated by SoftBank, without divulging more details. Segars received 1.88 billion yen in the earlier year, which ended March 2021.
Ronald Fisher, who is Son’s long-time executive stepped down from his role as Vision Fund’s US arm in April and made 126 million yen during his tenure on the board of directors last year from April through June 23. He earned 917 million yen in the previous year and remained an adviser to Son.
Bloomberg News reports that SoftBank did not divulge what amount the Chief Operating Officer, who was earlier one of the trusted allies of Son and the highest-paid executive, Marcelo Claure. He made 1.8 billion yen in the previous year. The compensation was not divulged for Rajeev Misra, the head of Vision Fund. Both left the board of SoftBank in November 2020.
The largest tech fund in the world reported the biggest loss ever for the year that ended on March 31st as there was deflation of the value of the tech shares of its portfolio companies, which also included holdings like Didi Global Inc and Coupang Inc.
Earlier this week, the Japanese tech investor David Chao, the venture capitalist, gets associated with its board as it tries to regain its holdings from the money-losing investment. However, the appointment of Chao will be subject to approval at the annual general meeting with the shareholders, which is upcoming on June 24.
