Nikesh Arora, touted as the heir apparent of Japan-based telecommunications-to-investment firm Softbank, announced on Tuesday evening that he will be stepping down from his post as the President and Chief Operational Officer at the firm.
The reason? Softbank Founder and Chief Executive Officer, Masayoshi Son, who had personally handpicked Arora as his successor, had decided to continue at the helm even after his 60th bithday -- the earlier date for retirement. Arora took to Twitter and the company held a conference call, both relaying that Arora didn't want to be the "CEO-in-waiting" beyond his fly-by date.
This is the full text of SoftBank Group's statement on Arora's resignation:
Change of Representative Director (Resignation)
SoftBank Group Corp. (“SBG”) announces the resignation of Nikesh Arora, Representative Director, President & COO, from the position of Representative Director and Director of SBG with the expiration of the term of office at the conclusion of the 36th Annual General Meeting of Shareholders to be held from 10:00 a.m. tomorrow.
1. Reason for Resignation
Nikesh Arora, Representative Director, President & COO, will resign from the position of Representative Director and Director of SBG with the expiration of the term of office at the conclusion of the 36th Annual General Meeting of Shareholders.
Arora assumed the position of Vice Chairman of SBG and CEO of SB Group US, Inc. (the former SoftBank Internet and Media, Inc.) in September 2014, and has been deeply involved in the establishment and execution of the growth strategy of the Group. He then assumed the position of Representative Director and Director of SBG in June 2015.
Masayoshi Son, Chairman & CEO of SBG, had been considering Arora as a strong candidate for succession. Son’s intention was to keep leading the Group in various aspects for the time being, while Arora wished to start taking over the lead in a few years’ time. The difference of expected timelines between the two leads to Arora’s resignation from the position of Representative Director and Director of SBG with the expiration of the term of office and his next steps.
2. Representative to Resign from the Board
| Name |
Current Position |
| Nikesh Arora |
Representative Director, President & Coo |
3. Scheduled Date of Change
June 22, 2016 (the date of the 36th Annual General Meeting of Shareholders)
4. Note
SBG expects to hold its Board of Directors meeting prior to the 36th Annual General Meeting of Shareholders to be held 10:00 a.m. tomorrow to withdraw a part of an agenda regarding the election of Nikesh Arora under “Proposal 2: Election of eight Directors” and partially revise the agenda to be submitted to the aforementioned Annual General Meeting of Shareholders.
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