Fast Retailing Co CEO Tadashi Yanai is leaving Softbank Group Corp’s board after more than 18 years as one of the few directors with the heft to challenge founder and CEO Masayoshi Son.
Yanai, Japan’s richest man, is to step down on Tuesday, a Softbank statement said yesterday.
He is leaving the post to focus on running his own business, Softbank spokeswoman Hiroe Kotera said. The founder of fashion chain Uniqlo has served as a Softbank board member since June 2001.
With this departure, Softbank investors lose one of the few board members capable of standing up to Son. The 70-year-old has been reported as a rare voice of dissent when it came to Son’s ambitious and risky acquisitions.
The two men, whose respective companies both went public in the same month of 1994, have often engaged in jocular sparring at Softbank’s annual shareholders’ meetings.
At the June meeting this year, Son shared some predictions that were eye-popping even by the standards of the outspoken Japanese billionaire. The value of Softbank’s investment portfolio could grow 33-fold to ￥200 trillion (US$1.8 trillion) in 20 years, he said.
The remarks drew laughs from directors, while Yanai feigned outrage, urging shareholders to look out or Son “will go out of control.”
Son’s investment style came under fire this year after he boosted the equity in office-sharing start-up WeWork only to see it plummet as investors balked at enormous losses and troublesome governance. The Vision Fund has also had to write down the value of its ride-hailing portfolio after Uber Technologies Inc fell more than 30 percent following its listing in May.
Still, Softbank’s shares are set to end the year 30 percent higher and Son appears unfazed by the setbacks. The 62-year-old is in the process of raising another mega-fund — the Vision Fund 2.
“Independent board members are not going to change this company,” said Mitsushige Akino, an executive officer at Ichiyoshi Asset Management Co in Tokyo. “Softbank has always been and will remain Son’s company.”
Yanai’s exit leaves Softbank’s board with only a handful of truly independent outside directors: Mitsui & Co chairman Masami Iijima and University of Tokyo professor Yutaka Matsuo, who joined in June.
Alibaba Group Holding Ltd (阿里巴巴) founder Jack Ma (馬雲) is an external director, but Alibaba counts Softbank as its biggest shareholder.
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