Son to Keep Heading Softbank

Tokyo, June 22 (Jiji Press)--Softbank Group Corp. <9984> Chairman and Chief Executive Officer Masayoshi Son voiced his intention on Wednesday to continue to serve in the group's top posts for the next five to 10 years. "I still have some work to do and want to continue this for a little while," Son said at the group's general shareholders' meeting in Tokyo. President and Chief Operating Officer Nikesh Arora said Tuesday that he will resign from his posts on Wednesday, after Son scrapped a plan to pass on his own positions to Arora. Arora's announcement was made one year after he assumed his posts. "I now think I want to work as CEO for a little longer," at a time when artificial intelligence is showing a remarkable development, Son said. Son disclosed that he apologized to Arora for deciding to keep taking the helm of Softbank. At the beginning of the meeting, Arora said he respects and fully supports Son's decision. He also noted that during his tenure he could contribute to creating the foundation for the company's success by promoting active investment in information technology companies and working to raise 2 trillion yen. This month, Softbank decided to procure some 2 trillion yen by selling its shareholdings in Finnish game maker Supercell Oy and part of its holdings in Chinese e-commerce giant Alibaba Group Holdings Ltd. Part of the funds will be used to cut the group's interest-bearing debt, which totaled some 12 trillion yen as of the end of March. Arora, a former Google Inc. executive, was headhunted by Son. He received massive executive compensation of 16,556 million yen for the business year through March 2015. He is to be paid 8,042 million yen for the year that ended this March. END