Tuesday, May 17, 2022

The executive overseeing the investment leaves Japan’s SoftBank

TOKYO ( Associated Press) — Marcelo Clare, who joined SoftBank Group after rolling out office-sharing business WeWork, one of its key investments, the Japanese technology company said Friday.

Claire has long been viewed as a close associate of SoftBank’s chief executive Masayoshi Son, who forged a nine-year partnership and oversees a vast investment portfolio.

Tokyo-based SoftBank Group Corp said the departure was “by mutual agreement”. SoftBank gave no reason for its decision to leave. Some reports said that he had a disagreement with the company over his compensation.

His passing may revive ongoing speculation about a successor to Sun, who founded SoftBank in 1981. He has made it clear that he wants to produce the next generation of leaders in his company who are known for daring, and sometimes flop, investments.

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Having moved to the US from Bolivia, Claire has worked on major projects, including the turnaround of US mobile carrier Sprint and its merger with T-Mobile. Claire is the former executive chairman of Sprint.

He helped reform WeWork after its founder, Adam Newman, resigned in 2019. Claire also helped launch a large venture capital fund in South America.

“Marcelo has made many contributions to SoftBank during his time here, and we thank him for his dedication and wish him continued success in his future endeavors,” said Son.

Claire said she was grateful to the son for being his mentor.

“Beyond the value we have created for SoftBank shareholders, we have invested in some of the most innovative and disruptive companies that will be industry leaders for decades to come,” he said.

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In a move related to Clare’s departure, Michelle Combs, a former chief executive of Sprint, is becoming chief executive of SoftBank Group International, another position Clare held. Combs joined as president in 2020.

SoftBank’s investments include Chinese e-commerce giant Alibaba, US ride-hailing company Uber and insurance startup Lemonade. Although its financial results have often proved volatile, Son insists that some options have stood the test of time. The company reports its earnings on February 8.

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Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

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Nation World News Desk
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