Log in

SoftBank's Son leaves Alibaba board following Ma's departure

Thursday, June 25, 2020 | Yuri Kageyama, AP Business Writer

Masayoshi Son, Jack Ma, Terry Gou
In this June 18, 2015, file photo, Softbank Corp. CEO Masayoshi Son, right, Alibaba Group Executive Chairman Jack Ma, left, of China with Foxconn Chairman and CEO Terry Gou of Taiwan pose for photographers with Softbank's Pepper robot during a press conference in Maihama, near Tokyo. Son, the chief executive of Japanese technology company SoftBank Group Corp. said Thursday, June 25, 2020, that he is stepping down from the board of Chinese e-commerce giant Alibaba. (AP Photo/Shizuo Kambayashi)

TOKYO (AP) — Masayoshi Son, the chief executive of Japanese technology company SoftBank Group Corp., said Thursday that he is stepping down from the board of Chinese e-commerce giant Alibaba.

Son announced the change at the end of SoftBank's general shareholders' meeting. He emphasized that the decision was a “happy” one and did not reflect any discord between the companies.

Last month, Alibaba founder and Chinese billionaire Jack Ma left SoftBank's board.

Son said he was “graduating" from Alibaba in the same way Ma was graduating from SoftBank. The two companies have had a close relationship for 20 years.

“It's not that there were disagreements. It is just a happy ending,” Son told shareholders in a live stream that showed a photo of the two entrepreneurs together and smiling.

Shareholders approved the lineup of SoftBank board members, minus Ma, by a majority vote.

Earlier, SoftBank announced three new board members, including SoftBank Chief Financial Officer Yoshimitsu Goto and Waseda University professor Yuko Kawamoto.

Another new member is Lip-Bu Tan, founder of Walden International, a venture capital firm focused on computer chips, cloud and artificial intelligence. He is also chief executive of Cadence Design, a U.S. electronic design automation software and engineering services company.

SoftBank is a major investor in Alibaba and Son joined Alibaba's board in 2005. Ma joined the SoftBank board in 2007.

Some of SoftBank's investments have come under criticism lately for being overly risky, such as a stake in troubled office-sharing venture WeWork. Son has defended the strategy, saying it will deliver long term results.

Since founding SoftBank in the 1980s, Son has invested in myriad technology companies including Yahoo! and British semiconductor company Arm.

20 Stocks to Sell Now

Most people know that brokerage rankings are overstated because of pressure from publicly-traded companies. No investor relations person wants to see "hold" and "sell" ratings issued for their stock. In reality, a "buy" rating really means "hold." "Hold" ratings really mean "sell" and "sell" ratings mean get out while you still can.

If Wall Street's top analysts are consistently giving "hold" and "sell" ratings to a stock, you know there's a serious problem. We've compiled a list of the companies that Wall Street's top equities research analysts are consistently giving "hold" and "sell" ratings too. If you own one of these stocks, consider getting out while there's still time.

This slide show lists the 20 companies that have the lowest average analyst recommendations from Wall Street's equities research analysts over the last 12 months.

View the "20 Stocks to Sell Now".

30 Days of MarketBeat All Access for $1.00

Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools:

  • Best-in-Class Portfolio Monitoring

    View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio.

  • Stock Ideas and Recommendations

    Get daily stock ideas top-performing Wall Street analysts. Get short term trading ideas from the MarketBeat Idea Engine. View which stocks are hot on social media with MarketBeat's trending stocks report.

  • Advanced Stock Screeners and Research Tools

    Identify stocks that meet your criteria using seven unique stock screeners. See what's happening in the market right now with MarketBeat's real-time news feed. Export data to Excel for your own analysis.

Start Your Risk-Free Trial Subscription Here

Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.