Free Trial

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

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.

Should You Invest $1,000 in SoftBank Group Right Now?

Before you consider SoftBank Group, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and SoftBank Group wasn't on the list.

While SoftBank Group currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

(Almost)  Everything You Need To Know About The EV Market Cover

Looking to profit from the electric vehicle mega-trend? Enter your email address and we'll send you our list of which EV stocks show the most long-term potential.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

5 Stocks to BUY NOW in July 2025
3 Defense Stocks Under $10 With Massive Upside
NVIDIA: Another 200% Growth Ahead? (PLUS 2 Companies Riding Along)

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines