Beijing News (Reporter Liang Chen) On May 18, Softbank Group Co., Ltd. (9884.OT) issued an announcement that the founder of Alibaba Group (NYSE: BABA, 09988.HK) Jack Ma will resign as a director on June 25. Job title. As of now, Jack Ma has served on Softbank's board of directors for 13 years. On June 25, Softbank will hold its annual shareholders meeting.
Softbank CEO Sun Zhengyi's "Friends Circle" has resigned as director, including Tadashi Yanai, chairman and CEO of Uniqlo operator Fast Retailing, who retired at the end of 2019. He served as a director of Softbank for 18 years. CEO Shigenobu Nagamori) also left the board of directors in 2017.
In the record of its development history on SoftBank's official website, the story of Alibaba's investment of US $ 20 million in 2000 was the beginning of its leading information revolution. This investment is currently SoftBank's most valuable investment.
SoftBank will announce its fiscal year results for March 31, later on Monday. However, before that, many of its investments suffered a crisis. On April 13, the Softbank Group issued a statement that updated its full-year financial performance forecast, that is, in the 2019 fiscal year, the Softbank Vision Fund is expected to record an investment loss of about 1.8 trillion yen (about 17 billion US dollars).
Softbank's stock price began to rise from the end of March. On the 23rd of the month, Softbank announced that the board of directors had approved the sale of realizable assets, raised up to 4.5 trillion yen (about 41 billion US dollars) in the next year, and authorized to repurchase 2 trillion yen (About 18 billion US dollars) of common stock, the remaining funds will be used for debt redemption, bond repurchase and increase cash reserves.
On May 18, Softbank's new 2 trillion repurchase scale, the board of directors approved the purchase of up to 500 billion yen stocks before March 31, 2021. The board of directors will determine the time and amount of the remaining portion after observing the progress of the current repurchase.
However, Jack Ma's withdrawal did not affect the other 10 SoftBank board members. At the same time, Softbank disclosed three newly-nominated directors, namely SoftBank Chief Financial Officer Yoshimitsu Goto, CEO of semiconductor design company Cadence Design Systems, and Chen Liwu, founder and chairman of venture capital Walden International , Professor Yuko Kawamoto of Waseda Business School. The latter two are external independent directors.