|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||9.47 - 9.85|
|52 Week Range||8.00 - 14.98|
|Beta (5Y Monthly)||0.94|
|PE Ratio (TTM)||37.44|
|Forward Dividend & Yield||0.10 (1.07%)|
|Ex-Dividend Date||Mar 29, 2021|
|1y Target Est||N/A|
(Bloomberg) -- SoftBank Group Corp. director Yuko Kawamoto plans to resign from the company’s board in June, removing an outspoken board member who has clashed with controversial founder Masayoshi Son over governance issues.Kawamoto, a professor at Waseda University, will step down on June 23 after just one year in the role, SoftBank said in a statement on Friday. She was the first woman to ever serve on the board and its only female member, although another one has been nominated.In an unusual move, Kawamoto penned a long message about her time at SoftBank, posted on the company’s website. While she praised Son for his decision making, speed and willingness to change his mind, she also said the company needs more internal checks, better governance and more people who can stand up to Son.“SBG needs to formulate a form of governance that allows Masa to fully demonstrate his talents, which can then be integrated into shareholders’ value,” she wrote. “This does not imply restrictions or constraints but rather an oversight function that allows the organization to reach its full potential.”SoftBank’s biggest challenge is coming up with a succession plan for its founder, Kawamoto said. She said she is stepping down after one year because of her appointment as a commissioner of the National Personnel Authority.Also departing from the board in June are Son’s long-term lieutenant Ronald Fisher and Arm Ltd.’s Simon Segars. Z Holdings Corp.’s co-Chief Executive Officer Kentaro Kawabe, Koei Tecmo Holdings Co.’s Chairman Keiko Erikawa and Kenneth Siegel of Morrison & Foerster will take their seats after shareholders approve the appointments at a general meeting.SoftBank’s board has lost several of its most independent voices in recent years, the kind of directors who could push back on Son’s decisions. Shigenobu Nagamori, the outspoken founder of motor maker Nidec Corp., stepped down in 2017. Fast Retailing Co. CEO Tadashi Yanai, who had been on the board since 2001 and was a rare voice of dissent, left at the end of 2019. Alibaba Group Holding Ltd. co-founder Jack Ma left last June, after 13 years on the job.SoftBank has been buffeted by a series of missteps over the past year, including a botched investment in WeWork and a risky foray into derivatives trading. Kawamoto flagged that SoftBank often races so quickly to execute Son’s ideas that the infrastructure isn’t always in place to handle them.“Sometimes, therefore, rules come after the decisions are made, and some might say the company has some weakness in that regard,” she wrote.One area where Kawamoto had a particularly sharp disagreement with Son was over his personal stake in a subsidiary overseeing SoftBank’s controversial options trading program, according to people familiar with the matter, who asked not to be named because the details are private. Her opposition came as a surprise to Son and the clashes often left him fuming, one of the people said.Son’s 33% personal stake in the entity known as SB Northstar has also drawn fire from investors who pointed to the structure as a corporate governance concern. On a call with investors and analysts after the earnings announcement in November, Son denied there was a conflict of interest and described it as remuneration for his investment expertise. Other fund managers charge fees, he said. Son added that SoftBank’s board cleared the structure in a vote from which he recused himself.Son’s Personal Stake in SoftBank Trading Unit Draws Fire“The fact that SoftBank published this is quite telling,” said Justin Tang, head of Asian research at United First Partners in Singapore, referring to Kawamoto’s letter. “It’s not exactly a dictatorship operating there.”Still, Kawamoto complimented Son and said the company is improving.“In part because I remained vocal at Board meetings over this past year, I believe an atmosphere has been fostered where discussions can be held more frankly,” Kawamoto said. “Masa is an extremely exciting individual who often lights up the spirit of those around him. In fact, it is his inspiration that gave me the courage to take on a new challenge and accept a difficult role in service of the country.”(Updates with details of Kawamoto’s conflict with Son in 10th paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- SofBank Group Corp.’s telecom arm, which on Monday completed the merger of its Japanese internet business with messaging service owner Line Corp., plans to combine the payment apps of those two entities.The company will fold Line Pay into PayPay, backed by SoftBank Corp., its Yahoo Japan unit and India’s Paytm, in April 2022 provided it secures all the relevant regulatory approvals, according to a joint statement from the two payment operators. SoftBank had kept mum on the possibility of a payments merger, saying only it aimed to extract synergies from the overlapping businesses.Under a complex transaction that takes effect on Monday, SoftBank Corp. and Line’s parent Naver Corp. each own half of a newly created A Holdings Corp. That company in turn controls 65.3% of publicly traded Z Holdings Corp., taking SoftBank’s Yahoo Japan and Line’s operations under its umbrella. The deal was targeted for completion by October but got delayed by pandemic-induced market disruptions. It’s also come under attack from overseas hedge funds that said the tender offer price was too low.The name is designed to symbolize everything as in “from A to Z,” reminiscent of Amazon.com Inc.’s motto, SoftBank has said. The letters also signify its focus on artificial intelligence and plans to expand in Asia.PayPay had 36 million users in Japan as of the end of February, while Line Pay had about 39 million. The merger gives PayPay access to over 80 million Japanese users on Line’s messaging service. The former rivals are already combining their respective businesses and Line Pay users will be able to make payments at PayPay locations where QR codes payments are accepted starting second half of April.Masayoshi Son, the SoftBank founder who backs some of the world’s largest startups, engineered the deal to create a Japanese tech champion that can compete with global rivals like Google, Amazon and Tencent Holdings Ltd. The combined company aims to spend 100 billion yen ($939 million) annually on development of AI-powered products.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- SoftBank Group Corp.’s telecom unit raised its full-year profit and sales targets after the pandemic boosted demand for its remote-work services.SoftBank Corp. forecast operating income in the year ending March will climb to 970 billion yen ($9.2 billion), 5.4% higher than its earlier target, according to a statement on Thursday. That’s more than the 946.3 billion yen average of analyst estimates. The Tokyo-based company raised its revenue goal 4.1% to 5.1 trillion yen.Profits in the mobile business, which has long been the cornerstone of Masayoshi Son’s technology conglomerate, have come under pressure after Rakuten Inc. launched a wireless network and sparked a price war. SoftBank Corp. is seeking to reduce its reliance on telecoms and transform itself into a digital services company by combining its Yahoo Japan internet business with messaging giant Line Corp.SoftBank Corp. is also undergoing a change of leadership. Chief Executive Officer Ken Miyauchi is moving into the chairman’s role, currently held by Son, while Chief Technology Officer Junichi Miyakawa takes over as CEO.Operating income in the quarter ended Dec. 31 rose 3.6% to 252 billion yen, and revenue jumped 11% to 1.38 trillion yen.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.