Softbank has been all over the news this week. Just a day after Nikesh Arora stepped down from his position, the company has already named his successor. In a press release, Softbank announced that it has elected the head of its telecom operations, Ken Miyauchi as Representative director, president & COO post the resignation of Arora.
Ken Miyauchi has been with Softbank group since 1984. During his tenure, he has served in prominent positions in various companies of Softbank, including the likes of Vodafone, Yahoo Japan, Softbank Mobile Corp, etc. He was on the position of Director in the group for last one year.
Post this announement, Miyauchi as Representative director, president & COO, will be only next to the chairman and CEO Masayoshi Son.
Son had earlier announced to pass his reign to Nikesh Arora on his impending retirement. However, he recently expressed his desire to work for another 8-10 years. This apparently led Nikesh Arora to leave the firm and pursue other options.
Allegations, probe, clean chit, exit
Notably, former Google executive Nikesh Arora in Softbank was the third highest paid executive in the world. The group is said to have undergone a transformation and wide expansion in Asia and other countries under his leadership.
He also invested in most popular startups of India like Ola, Housing, Oyo, Grofers, and Snapdeal. However, many investors had questioned Arora on his current investment strategies and decision of selecting companies for investments.
Softbank had set up a special committee of board of directors in response to these allegations. But the committee found those allegations without any merit and gave a clean chit to Arora.
And barely a day after that, Arora resigned from his position making the whole episode nothing short of a filmy drama. The exit of Arora also came as a surprise to many because Masayooshi Son had always backed Arora during his tenure.