SoftBank doubled Vision Fund chief Misra’s pay last year despite losses

FILE PHOTO: Rajeev Misra CEO, SoftBank Investment Advisers speaks during the Milken Institute's 22nd annual Global Conference in Beverly Hills, California, U.S., April 29, 2019. REUTERS/Mike Blake

SoftBank Vision Fund’s head, Rajeev Misra, saw his total pay for the past business year more than double to roughly $15 million, even as the fund’s underperformance pushed SoftBank to a record operating loss of some $13 billion.

The 1.6 billion yen amount includes basic pay and other compensation, a group filing showed.

The figure was second only to remuneration for SoftBank Group Corp Chief Operating Officer Marcelo Claure, which rose 17% to 2.1 billion yen.

While offering big pay packets to foreign executives, compensation for CEO Masayoshi Son was 209 million yen, a 9% decline compared to a year earlier.

SoftBank‘s massive annual operating loss was largely due to an $18 billion shortfall at the Saudi-backed Vision Fund which has seen investments in startups like office-sharing firm WeWork and ride-hailing app operator Uber Technologies Inc flounder.

A key architect of the disastrous WeWork investment, vice chairman Ron Fisher who was the group’s most highly paid executive in the previous business year, saw his remuneration slashed 80% to 680 million yen. COO Claure has become WeWork’s executive chairman as SoftBank restructures the company.

Son told an earnings presentation in May that tech unicorns had plunged into the “valley of the coronavirus” but a smaller number of the tech companies would make it.

Reuters

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.

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.