SoftBank Vision Fund head Rajeev Misra to leave board in corporate overhaul

Rajeev Misra, head of the SoftBank Vision Fund.

SoftBank Group Corp. said four of its current directors will leave the board in an effort to increase the proportion of outside directors and improve corporate governance.

Marcelo Claure, chief operating officer; Rajeev Misra, head of the Vision Fund; and Katsunori Sago, chief strategy officer, will step down from the board as part of the restructuring. Yasir O. Al-Rumayyan, who represented Saudi Arabia’s Public Investment Fund, will also leave the board.

SoftBank founder Masayoshi Son said the changes are aimed at separating management and operations at the Japanese conglomerate, which is increasingly focusing on investments rather than managing its own companies. The board will be reduced to nine members with the changes.

“Masa, myself, should be most supervised,” Son joked in a question and answer session. “More external directors mean better governance.”

Son said the company thought about making the board changes in June but they weren’t ready. They also didn’t want to wait until the next annual shareholders meeting next June.

Earlier this year, the Japanese billionaire named two new external directors to the board.

“The changes to our Board build upon the enhancements we made in June, including ensuring we have a greater proportion of External Board Directors, and further highlight SoftBank’s commitment to corporate governance,” Son said in a statement.

In addition to the current changes, Chief Legal Officer Rob Townsend is transitioning to a role as senior advisor, and Tim Mackey will take over that position.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.