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  1. Nexit: Nikesh Arora quits as SoftBank President and COO

Nexit: Nikesh Arora quits as SoftBank President and COO

Nikesh Arora, Representative Director, President & COO, will resign from the position of Representative Director and Director of SBG, said SoftBank.

By: | New Delhi | Updated: June 21, 2016 8:27 PM
According to SoftBank Group, the special committee has concluded that the claims concerning the conduct of Nikesh Arora during his tenure at SBG are without merit. According to SoftBank Group, the special committee has concluded that the claims concerning the conduct of Nikesh Arora during his tenure at SBG are without merit. (Source: Reuters)

Even as SoftBank’s internal probe gave him a clean-chit, Nikesh Arora has quit as the President and COO of the Japanese giant. “Masa 2 continue 2 be CEO for 5-10 years, respect that. Learnt a lot. Clean chit from board after thorough review. Time for me to move on,” Nikesh Arora tweeted.

“Nikesh Arora, Representative Director, President & COO, will resign from the position of Representative Director and Director of SBG with the expiration of the term of office at the conclusion of the 36th Annual General Meeting of Shareholders,” the company’s release said.

Explaining the reason behind Arora’s resignation, SoftBank said, “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.”

 

Japanese multinational telecommunications and Internet corporation, SoftBank Group had on Monday announced that allegations made against its president and chief operating officer Nikesh Arora by shareholder has turned out to be “without any merit.”

SoftBank Group said that a special committee of independent members of its board of directors has completed its review of allegations regarding SBG president and chief operating officer Nikesh Arora in a purported shareholder demand and they have found no evidence against him.

Also Read | Brexit: As Nikesh Arora steps down, take a look at his witty tweets after resignation

According to SoftBank Group, the special committee has concluded that the claims concerning the conduct of Arora during his tenure at SBG are without merit.

“As I said when these allegations first became public, I have complete trust in Nikesh and I am pleased the special committee has looked into these claims thoroughly and concluded they are without merit,” said, Masayoshi Son, CEO, SoftBank in a statement.

Also Read | With $73 mn salary, SoftBank’s Nikesh Arora took 3rd spot in global best-paid exec list

A group of SoftBank shareholders, led by a Swiss consultant named Nicolas Giannakopoulos, had called for an internal investigation of company president Nikesh Arora, according to Bloomberg.

The special committee was formed in February of this year. It conducted its review with the assistance of independent counsel at Shearman & Sterling LLP and Anderson Mori & Tomotsune.

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