As announced by Yahoo Japan, SoftBank chief executive Masayoshi Son will be replaced by SoftBank president Nikesh Arora as the chairman of Yahoo Japan board of directors in June.
However, Son will still keep the post as a director at Yahoo Japan. SoftBank owns a 43% stake in Yahoo Japan, an Internet search portal that also operates Internet auction and e-commerce businesses.
Yahoo Japan said in a statement –
Along with his global and wide knowledge, Nikesh Arora has deep insight into the Internet business. We will bring him on board in order to maximize the value of our company.
SoftBank this month appointed Arora, a former Google executive, as president, and named him as a potential successor to Son.
Last week, Son said that Arora, who has been heading SoftBank’s U.S.-based Internet investment arm, would be his likely successor in the event he retired.
Since joining SoftBank in October, Arora has led a string of major deals in Asia, including investments in Indian online retailer Snapdeal and Chinese taxi-booking app Kuaidi Dache. The firm recorded a better earnings for its fiscal fourth quarter ended March 31 under the leadership of Arora.