After Arora’s exit, SoftBank names telecom chief Miyauchi as president | business-news | Hindustan Times
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After Arora’s exit, SoftBank names telecom chief Miyauchi as president

business Updated: Jun 22, 2016 12:41 IST
Reuters
SoftBank

Ken Miyauchi, head of the group’s Japanese telecommunications operations, would become president and chief operating officer to replace Nikesh Arora.

SoftBank Group on Wednesday said that Ken Miyauchi, head of the group’s Japanese telecommunications operations, would become president and chief operating officer to replace Nikesh Arora.

Arora, the former Google executive handpicked by the SoftBank founder Masayoshi Son as his successor, has abruptly quit as president after it became clear that Son wanted to remain at the helm longer than first planned.

Arora, who was Google’s highest paid executive in 2012, came to SoftBank in September 2014 to take charge of its overseas operations. Just days after being named as Son’s successor, he announced a plan to pump $1 billion into South Korean online retailer Coupang. During his two years at the group, Arora has used an extensive contact book to make new investments, including Indian online marketplace Snapdeal and ride-hailing service Ola.

He has also been credited with making SoftBank more disciplined about investment exits. SoftBank, whose lucrative early investments included Alibaba Group Holding, has announced three major asset reshuffles this month, one of which was the sale of $10 billion worth of shares in the Chinese e-commerce giant.

Earlier on Tuesday - in another deal that should help to shore up a balance sheet weighed down by Sprint - SoftBank is to sell its majority stake in ‘Clash of Clans’ maker Supercell to China’s Tencent Holdings.