Business

Marcelo Claure leaves SoftBank after dispute with Masayoshi Son

Marcelo Claure, one of SoftBank’s highest-paid executives who led WeWork’s turnaround, has left the Japanese tech group following a split from founder Masayoshi Son.

SoftBank said in a statement on Friday that there was a mutual agreement to “participate in a successful nine-year partnership,” but offered no explanation for the move.

Claure’s Exit As chief executive and possibly successor Son has come after months of icy negotiations over pay, according to people familiar with the situation.

“We do not comment on the reason [for Claure leaving]. We do not disclose the content of the agreement,” a company spokesperson said, adding that SoftBank would not comment on Son and Claure’s relationship.

Three people with direct knowledge of the matter said the Bolivian billionaire, who once led SoftBank’s $5 billion investment fund, left after Dispute about his salary and strategic direction of the group. People say Claure’s exit deal is expected to be worth “hundreds of millions of dollars”.

A person close to the company said that before he left, Claure’s importance at SoftBank had dwindled significantly, with his business portfolio slashed and his influence dwindling.

“It’s an environment where what’s important on that level is your relationship with Son, and once that’s broken, the COO’s role becomes more nominal,” the person said, adding: added that Claure’s claim at one stage included a total of “10 figures”.

A spokesperson for Claure declined to comment.

His departure will add to scrutiny over SoftBank’s plunging share price and what some investors see as a leadership crisis developing beneath the powerful founder. , Son.

Shares in SoftBank fell more than 50% since its peak in March last year, plummeting in recent days as tech-focused stocks have sold off globally.

The company’s shares rose about 2.2% in Tokyo trading on Friday, matching a 1.9% gain on the day by Topix, which tracks Japanese markets.

French telecoms CEO Michel Combes will take over Claure’s duties overseeing SoftBank Latin America FoundationOpportunity Fund and certain non-Japanese investment companies.

Claure was recruited to SoftBank through its acquisition of telecommunications startup Brightstar and quickly advanced into Son’s inner circle, serving as US chief executive officer for the first time. Sprint mobile group and then administer the rescue and recovery of losses WeWork property group.

During his tenure, Claure repeatedly clashed with other SoftBank executives, including the head of its private investment arm, Rajeev Misraa former Deutsche Bank teller.

People close to SoftBank’s senior management said another source of friction was Claure’s efforts to increase the company’s exposure to cryptocurrencies.

Claure is one of three executives, along with Misra, considered a possible successor to Son. The other, former Goldman Sachs banker Katsunori Sago, stepped down as chief strategy officer last year after less than three years. Sago’s Exit prior to the departure of the company’s chief compliance officer, chief legal officer, and chief communications officer.

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