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Japan's SoftBank to appoint heads of overseas units as board members
May 24, 2017 / 9:42 AM / 7 months ago

Japan's SoftBank to appoint heads of overseas units as board members

TOKYO (Reuters) - SoftBank Group Corp said on Wednesday it plans to appoint heads of key overseas subsidiaries to the group’s board of directors, as the Japanese firm’s business focus moves away from its domestic market.

FILE PHOTO: People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo

Nominees include Marcelo Claure, chief executive officer of U.S. wireless telecommunications service provider Sprint Corp, Simon Segars, CEO of British chip designer ARM Holdings, and Rajeev Misra, who heads the technology-focused $100 billion Vision Fund.

The appointments are subject to shareholder approval at SoftBank’s annual shareholders meeting on June 21.

SoftBank also nominated Mark Schwartz, senior director at Goldman Sachs & Co LLC, and Yasir O. Al-Rumayyan, managing director of Saudi Arabia’s biggest sovereign wealth fund, Public Investment Fund, as external directors.

Alibaba Group Holding Ltd founder Jack Ma will remain on SoftBank’s board.

The reshuffle comes after SoftBank on Saturday closed the first fundraising round of Vision Fund, the world’s largest private equity fund that group founder Masayoshi Son said would be “a framework for SoftBank to grow over the next 100, 200 and 300 years.”

Reporting by Makiko Yamazaki; Editing by Christopher Cushing

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