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Business

Son's heir Arora to resign as SoftBank president

Masayoshi Son, left, and Nikesh Arora at a press conference in May

TOKYO -- Nikesh Arora, president of Japanese telecommunications company SoftBank Group, will resign on Wednesday, the company announced Tuesday.

The former Google executive joined the company in 2014 and had been named as the successor to CEO Masayoshi Son. Arora, who heads SoftBank's overseas operations, will resign after the annual general shareholders meeting on Wednesday.

Son "had been considering Arora as a strong candidate for succession," the company statement said. It continued: "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."

However, Arora is not leaving the company completely. In a separate statement, SoftBank said he will assume an advisory role from July 1.
 
"Nikesh is a unique leader with unparalleled skills around strategy and execution," Son said. "I had hoped to hand over the reins of SoftBank to him on my 60th birthday, but I feel my work is not done."

Son said he wanted to "work on a few more crazy ideas" and that this would require him to remain CEO for at least another five to 10 years. "This is not a time frame for me to keep Nikesh waiting for the top job," Son said. "Nikesh and I have decided that he would move to an advisory role and continue to support SoftBank, while he zeroes in on his next challenge." 

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