TOKYO (BLOOMBERG) – SoftBank Group’s top executives saw steep cuts in their pay cheques as the Japanese conglomerate marked a historic loss for its Vision Fund unit.
The company’s founder and chief executive officer, Mr Masayoshi Son, kept his pay unchanged at 100 million yen (S$1.1 million), but four of the top six executives whose salary was made public through a company filing on Monday (May 30) saw their compensation drop following a record US$20.5 billion (S$28 billion) loss.
Chief financial officer Yoshimitsu Goto made 293 million yen, down almost 40 per cent from the previous year. Mr Ken Miyauchi, chief of SoftBank’s domestic telecom operation, made 539 million yen, down 15 per cent. Both long-serving lieutenants have helped lead SoftBank’s multiple reinventions, from broadband provider to telecom operator to the world’s biggest tech investor.
Mr Simon Segars, who stepped down as the head of the company’s chip unit Arm in February, earned 1.15 billion yen during the almost three months that he was a board director, SoftBank said, without providing further details. Mr Segars received 1.88 billion yen in the previous year ended March 2021.
Mr Ronald Fisher, Mr Son’s long-time lieutenant who also stepped down from his role leading the Vision Fund’s United States arm in April, earned 126 million yen during his time as a board director last year from April to June 23. He got 917 million yen in the prior year and remains an adviser to Mr Son.
SoftBank did not disclose what compensation former chief operating officer Marcelo Claure, previously one of the highest-paid executives and one of Mr Son’s most trusted allies, received before his departure earlier this year. He earned 1.8 billion yen in the prior year. Compensation was also not disclosed for Mr Rajeev Misra, who heads the Vision Fund.
The world’s largest technology fund reported its biggest loss ever for the year ended March 31 as a sell-off in tech shares deflated the value of its portfolio companies, including public holdings like Coupang and Didi Global.
The Japanese tech investor earlier this week named venture capitalist David Chao to join its board as it tries to regain its footing from money-losing investments. Mr Chao’s appointment will be subject to approval at the upcoming annual general meeting of shareholders on June 24.