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SoftBank CEO Son to step down from Alibaba

Founder and chairman says $9bn annual loss was 'not a big problem'

SoftBank Group Chairman and CEO Masayoshi Son speaks during an annual general meeting on June 25 in Tokyo.

TOKYO -- SoftBank Group chairman and CEO Masayoshi Son said on Thursday he is retiring from the board of Alibaba Group Holding after nearly 15 years, marking a new chapter in his relationship with the Chinese e-commerce giant that has been his most successful investment.

Alibaba co-founder Jack Ma also retired from SoftBank's board after its annual shareholder meeting on Thursday. SoftBank shareholders approved the appointment of three new directors.

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