After 13 years in office, Ma Yun is about to withdraw from Softbank’s board of directors

After13yearsinoffice,MaYunisabouttowithdrawfromSoftbank’sboardofdirectors
OnMay18,SoftbankGroupCo.,Ltd.(9884.OT)Announcement,AlibabaGroup(NYSE:BABA,09988.HK)FounderMaYunwillresignasdirectoronJune25.Asofnow,JackMahasservedonSoftbank’sboardofdirectorsfor13years.OnJune25,Softbankwillbecometheannualgeneralmeetingofshareholders.SoftbankCEOSunZhengyi’s”FriendsCircle”hasresignedasdirectors,includingTadashiYanai,chairmanandCEOofUniqlooperatorFastRetailing,whoretiredattheendof2019.HehasservedasadirectorofSoftbankfor18years,JapanShigenobuNagamori,thechiefexecutiveofficerofDenko,alsolefttheboardofdirectorsin2017.IntherecordoftheexpecteddevelopmenthistoryofSoftBank’sofficialwebsite,thestoryofAlibaba’sinvestmentofUS$20millionin2000wasthebeginningofitsleadinginformationrevolution.ThisinvestmentisSoftBank’smostoutstandinginvestment.SoftBankwillannounceitsfiscalyearresultsforMarch31,lateronMonday.However,beforethat,manyofitsinvestmentssufferedacrisis.OnApril13,theSoftBankGroupissuedastatementthatupdateditslong-termfinancialperformanceforecast,thatis,inFY2019,theSoftbankExpectedFundisexpectedtorecordabout1.8trillionyen(about17billionUSdollars)investmentlosses.SoftbankhadpreviouslystartedtogrowfromtheendofMarch.Onthe23rdofthemonth,Softbankannouncedthattheboardofdirectorshadapprovedthesaleofrealizableassetsandraisedupto4withinthenextyear.5trillionyen(approximately41billionUSdollars)offunds,andauthorizedtorepurchase2trillionyen(approximately18billionUSdollars)ofcommonstock,theremainingfundswillbeusedfordebtrepayment,bondrepurchaseandincreasecashreserves.OnMay18,Softbank’snew2trillionrepurchasescale,theboardofdirectorsapprovedthepurchaseofupto500billionyenstocksbeforeMarch31,2021.Theboardofdirectorswilldeterminethetimeandamountoftheremainingportionafterobservingtheprogressofthecurrentrepurchase.However,JackMa’swithdrawalwillaffecttheother10SoftBankboardmembers.Infact,SoftBankdisclosedthreenewlyappointeddirectors,namelySoftbankChiefFinancialOfficerYoshimitsuGoto,CEOofsemiconductordesigncompanyCadenceDesignSystems,andChenLiwu,founderandchairmanofVentureCapitalInternationalProfessorWakamotoYuko(KawamotoYuko),WasedaBusinessSchool.Thelattertwoareexternalindependentdirectors.Sauna,NightNetEditorLiangChenproofreadbyZhaoZeyanChenDiyan