Jack Ma Leaves Japan's SoftBank... Masayoshi Son Also Resigns from Alibaba Board in China

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Son Jeong-ui, chairman of Japan's SoftBank Group, announced on the 25th that he will resign from the board of directors of the Chinese e-commerce company Alibaba. He said that about 80% of the asset sale plan worth 4.5 trillion yen, which is underway to improve finances, has been projected.

According to NHK and other broadcasts, Chairman Son said this to shareholders at the regular general meeting held at SoftBank headquarters in Minato-ku, Tokyo, on the morning of the same day. Son explained that he requested to resign from the Alibaba board himself and that the timing coincided with Jack Ma, Alibaba's founder, stepping down from the SoftBank board.

Earlier, founder Jack Ma announced on the 18th of last month that he would resign from the SoftBank Group board. Since he had stepped down as chairman of Alibaba, he expressed his intention to focus on charitable activities by stepping down from official positions.

Chairman Son emphasized, "There was no conflict with Alibaba. We are grateful for what Jack Ma has contributed to us so far," and stated that the resignations of founder Jack Ma and himself are a sign of confidence in Daniel Zhang, Alibaba's CEO. He also indicated his desire to hold Alibaba shares for as long as possible.

Chairman Son and founder Jack Ma first met in 2000 at a hotel in Beijing, where Son immediately decided to invest a large sum of 20 million dollars in Alibaba, establishing their connection. At that time, SoftBank acquired 34.4% of Alibaba's shares, and Son and Jack Ma have served as directors in each other's companies.

Regarding SoftBank's record largest deficit in the 2019 fiscal year (April 2019 to March 2020), Chairman Son said, "We hear many concerns asking if SoftBank is okay," adding, "It is natural to worry because it is the largest deficit in history, but as of today, the value of the stocks we hold has actually increased compared to before the COVID-19 pandemic."

Regarding the 4.5 trillion yen asset sale, Chairman Son explained that about 80% of it, including the sale of shares in the U.S. mobile carrier T-Mobile, has been projected. At the SoftBank general meeting held that day, all company participants joined online to prevent COVID-19 infection.

This content was produced with the assistance of AI translation services.