SoftBank Readies for Version 2.0
SoftBank Corp. (“SoftBank”) today announced a number of changes to initiate its transformation from a strong Japanese business with global assets, to a global business which will strive to create sustainable growth for the very long-term. While the process is likely to take a few years, the following planned steps* are going to start building the foundation for this change.
- SoftBank will change its company name to SoftBank Group Corp. (“SBG”) on July 1, 2015 to clearly identify its role as a holding company driving future global development, with all assets that are owned and managed by the Group.
- All group company assets will be consolidated under SBG, including SoftBank Mobile Corp. (to be renamed SoftBank Corp. on July 1, 2015), Yahoo Japan Corporation, Alibaba Group Holding Limited, and all past and current investments by SB Group US, Inc. (the former SoftBank Internet and Media, Inc.).
- Nikesh Arora, currently Vice Chairman of SoftBank, will take the role of Representative Director and President & COO effective June 19, 2015. Masayoshi Son will continue to be Chairman and CEO of SoftBank, while Ken Miyauchi is President & CEO of SoftBank Mobile Corp., the domestic telecommunications business.
Masayoshi Son, Chairman and CEO of SoftBank Corp. and the future SoftBank Group Corp., commented:
“Many tech companies face a decline after thirty years due to evolving technologies, changing business models and overreliance on founders. To create a sustainable growth business for centuries to come, we must transform our current operating assets and take a systematic approach to supporting our group of disruptive entrepreneurs. As President of SoftBank Group, Nikesh will work with me to drive the transformation of SoftBank as it enters a new phase.”
Please see separate press releases for more detail.
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