Berita 24 English - According to a filing from the Japanese conglomerate on Thursday, Masayoshi Son's compensation for the previous fis...
Berita 24 English - According to a filing from the Japanese conglomerate on Thursday, Masayoshi Son's compensation for the previous fiscal year decreased by 52% to 100 million yen ($915,000), including basic pay.
The disclosure comes ahead of SoftBank's annual general meeting on June 23, following a tumultuous year. The group was battered by the COVID-19 pandemic before rebounding to a record profit on market demand for its technology investments.
Son, who has spoken of the importance of paying top dollar to attract talent, received the modest compensation package as his fortune was boosted by the group's share price recovery following a $23 billion buyback program that increased his ownership. According to Reuters, https://www.reuters.com/article/softbank-group-stocks-idCNL4N2ML1W7.
Additionally, the filing revealed that Simon Segars, CEO of Arm, a chip designer based in the United Kingdom, received the highest disclosed remuneration of 1.9 billion yen. In November, SoftBank agreed to sell Arm https://www.reuters.com/article/arm-holdings-m-a-nvidia-idUSKBN26507O to US chipmaker Nvidia Corp in a $40 billion deal that has not yet been approved by regulators.
The filing did not disclose the full compensation of top SoftBank executives, including Vision Fund CEO Rajeev Misra and Chief Operating Officer Marcelo Claure, who stepped down from the group's board of directors in November because of their compensation after that date was not disclosed.
Misra's disclosed compensation was 931 million yen ($8.5 million), decreasing 42 per cent from the previous year when he served on the board for the full year. Claire's compensation package was reduced by 15% to approximately 1.8 billion yen and included the cost of his relocation to the United States.
Eight executives received a total of $64 million, including former strategy chief Katsunori Sago, who has since resigned from the company https://www.reuters.com/article/instant-article/idUSKBN2AX111.
SoftBank announced additional board changes last week, including the nomination of Keiko Erikawa, chair of Koei Tecmo Holdings Co Ltd, a veteran gaming industry executive and stock picker.
(1 dollar = 109.1300 yen)
