New Delhi : Nikesh Arora, the president and chief operating officer of Japanese internet conglomerate SoftBank Group Corp will step down on Wednesday, the company said. Surprisingly, the announcement has come a day after the company on Monday said a special committee found the allegations against him in a purported shareholder demand are 'without merit'.
The company said Arora's resignation from the position of Representative Director and Director of SBG will become effective with the expiration of the term of office at the conclusion of the 36th Annual General Meeting of Shareholders scheduled on 22 June (Wednesday). "Masayoshi Son, Chairman & CEO of SBG, had been considering Arora as a strong candidate for succession. Son's intention was to keep leading the Group in various aspects for the time being, while Arora wished to start taking over the lead in a few years' time. The difference of expected timelines between the two leads to Arora's resignation from the position of Representative Director and Director of SBG with the expiration of the term of office and his next steps," SoftBank said in a statement.
“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,” Mr. Son was quoted by the The Wall Street Journal as saying. Mr. Arora will remain as an adviser to SoftBank, the Journal added.
Arora joined SoftBank in 2014 after a nearly decade-long stint at Google. In May 2015, Son named Arora the primary candidate to succeed him atop the company. However, with this resignation, it marks abrupt end to the tenure of founder and Chief Executive Masayoshi Son’s handpicked successor.