Former SoftBank Group president Nikesh Arora received compensation totalling 14,020 million Japanese yen ($125 million approximately) for the nine months ended December when he left the firm last year, the telecom and internet major said
Former SoftBank Group president Nikesh Arora received compensation totalling 14,020 million Japanese yen ($125 million approximately) for the nine months ended December when he left the firm last year, the telecom and internet major said on Wednesday.
Arora had resigned from SoftBank in June 2016 where he was the president and chief operating officer. He used to receive a total compensation of $100 million annually and was seen as the potential successor to Masayoshi Son, the founder of SoftBank.
Arora who worked for around 10 years at Google was also the senior vice president of the search giant before joining SoftBank. He was also seen as the spearhead for SoftBank’s rush of investments in the Indian e-commerce and start-up segment, which saw the Japanese company taking anchor investor positions in companies such as Ola and Snapdeal.
In a filing following its third quarter results on expenses resulting from the resignation of Nikesh Arora from his position as a director, Softbank said, “The expenses were 3,266 million Japanese Yen ($29 million approximately) for the nine-month period ended December 31, 2016. In addition to the above resignation expense, the company purchased the shares of associate companies from Nikesh Arora for 10,744 million Japanese Yen ($95 million approximately), which were previously granted to him in December 2014.” According to SoftBank, resignation expenses consist of expenses in which payment amounts are defined and expenses in which payment amounts are to be defined depending on the future share price of SoftBank Group Corp shares.
The compensation package of Arora put him in the top league of global technology companies CEOs. His salary was comparable to that of Apple CEO Tim Cook. Among the Indian origin CXOs, the comparable compensation package is that of Microsoft CEO Satya Nadella which totals $84.3 million, but over 90% of this component is from long term stock options. Among the CEOs of Indian technology companies, Vishal Sikka of Infosys heads the list with an annual compensation of $11 million followed by N Chandrasekaran of TCS at around $3.8 million.