SoftBank Group¡¯s top executives have seen steep cuts to their paychecks after the conglomerate marked a historic loss for its Vision Fund unit.
The company¡¯s founder and CEO Masayoshi Son kept his pay unchanged at ?100 million (roughly $785,000). However, four of the top six executives whose salary was made public through a company filing on Monday saw their compensation drop following a record $20.5 billion loss.
Chief Financial Officer Yoshimitsu Goto made ?293 million, down almost 40% from the previous year, while Ken Miyauchi, chief of SoftBank¡¯s domestic telecom operation, made ?539 million, down 15%. Both long-serving lieutenants have helped lead SoftBank¡¯s multiple reinventions, from broadband provider to telecom operator to the world¡¯s biggest tech investor.
Simon Segars, who stepped down as the head of the company¡¯s chip unit Arm in February, earned ?1.15 billion during the almost-three months that he was a board director, SoftBank said, without providing further details. Segars received ?1.88 billion in the previous year, ended March 2021.
Ronald Fisher, Son¡¯s long-time lieutenant who also stepped down from his role leading the Vision Fund¡¯s U.S. arm in April, earned ?126 million during his time as a board director last year from April to June 23. He got ?917 million in the prior year and remains an adviser to Son.
SoftBank did not disclose what compensation former Chief Operating Officer Marcelo Claure, previously one of Son¡¯s most trusted allies and highest-paid executives, received before his departure earlier this year. He earned ?1.8 billion in the prior year. Compensation was also not disclosed for Rajeev Misra, who heads the Vision Fund. Both departed SoftBank¡¯s board in November 2020.
The world¡¯s largest tech fund reported its biggest loss ever for the year ended Mar. 31 as a selloff in tech shares deflated the value of its portfolio companies, including public holdings like Coupang Inc. and Didi Global Inc.
The Japanese tech investor has named venture capitalist David Chao to join its board as it tries to regain its footing from money-losing investments. Chao¡¯s appointment will be subject to approval at the upcoming annual general meeting of shareholders on June 24.
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