SoftBank Group Corporation’s President Nikesh Arora has quit his position as the top member in the organiztion. Everyone is shocked with his decision.
Earlier he worked in Google as an executive and then he took on the job as the President & Chief Operating Officer of SoftBank Corp, based in Tokyo, Japan.
After two years of working with Google, Masayoshi Son, CEO of Softbank, brought him to his organization and offered him a very good post with a huge salary.
Even after earning $208 million in the last two years(14033645600 INR), he decided to quit. There are many reasons behind such a bold step he had taken.
According to some sources, investors in the company were not happy with Nikesh. They expressed their disagreement on his investments in the company. They were doubtful of his records and even made several attempts to kick him out of the organization altogether.
Rahul Yadav, Indian entrepreneur and founder of Housing.in spoke against his decision but Arora didn’t loose his cool and answered him politely on Twitter.
Nikesh slammed these as rumors and said that one should not believe in them. He vindicated himself off all the charges of misconduct and poor performance.
Earlier CEO Masayoshi Son, stated that he will soon retire at the age of 60 and hand over his position to Nikesh. But now as Nikesh himself is quitting his job, Son is planning to spend some more time(maybe 5 to 10 years more).
“I was thinking of handing over my job as CEO when I turn 60, but thought maybe I’m still a bit too young, and still have energy to continue,” he said.
Softbank is under a great debt of $80 billion and its growth has been very slow in the past few years. To cope up with such a situation, Softbank is going to sell its stakes in Supercell, the Finnish game maker to Tencent Holdings Ltd of China.
The deal will profit both the companies-cash more than $7 billion is expected from this deal.
Nikesh cleared that he is on very good terms with Son and took to Twitter to announce that he will continue in the Japanese tech giant as an advisor.
“Masa [Masayoshi Son, current head of SoftBank] to continue to be CEO for 5-10 years, respect that. Learnt a lot. Clean chit from board after thorough review. Time for me to move on,” Arora tweeted.
“SoftBank Director Ron Fisher and Baer Capital Partners founder Alok Sama will fill Mr. Arora’s role in directing overseas investments,” Masayoshi told the reporters.