28/07/2021

THAILAND DAILY

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softbank-pays-$64-million-to-eight-executives

SoftBank pays $64 million to eight executives

SoftBank posted its biggest-ever earnings last year after investment gains from its Vision Fund. (Photo by Manami Yamada) 

WATARU SUZUKI, Nikkei staff writer | Japan

TOKYO — SoftBank Group paid 6.99 billion yen ($64 million) to eight executives for the year ended March, after posting a record 4.99 trillion yen net profit.

SoftBank published a list of executives who earned 100 million yen or more in the notice of its shareholders meeting released on Thursday. The previous year, when SoftBank posted its worst-ever loss of 961 billion yen, six executives made the list, earning a total of 6.42 billion yen.

SoftBank’s executive remuneration packages are among the highest in Japan, where the public tends to balk at high corporate pay for individuals.

Simon Segars, CEO of UK chip subsidiary Arm who was not on last year’s list, topped this year’s ranking with a package worth 1.88 billion yen. Segars will step down from SoftBank’s board in June, following the announcement of Arm’s sale to U.S. chipmaker Nvidia in September. The deal is still under regulatory review.

Executive Vice President Marcelo Claure, who heads SoftBank’s Latin America fund, was paid 1.8 billion yen, including 987 million yen from subsidiary SB Group US to cover the costs for the “relocation of his activity base.” The total fell 15% from a year ago.

Vision Fund CEO Rajeev Misra was paid 931 million yen, down from 1.6 billion yen a year earlier. Katsunori Sago, who was chief strategy officer before leaving in March, earned 250 million yen.

SoftBank said the figures for Claure, Misra and Sago do not include anything they received after they left the company’s board in November.

SoftBank posted record earnings last year, mainly thanks to investment gains from its Vision Fund.

Masayoshi Son, SoftBank’s chairman and CEO, earned 100 million yen. Son is also SoftBank’s largest shareholder, with a stake of almost 30%.

A spokesperson declined to comment on the details of the executives’ earnings.

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