Nikesh Arora to buy SoftBank shares worth over $480 mn
SoftBank's President Nikesh Arora will buy shares worth over $480 million in the Japanese telecom giant. Arora, who is also the company's COO, would acquire the shares in his personal capacity over a period of six months.business Updated: Aug 19, 2015 22:47 IST
Nikesh Arora, the successor-in-waiting at SoftBank said Wednesday he would buy a whopping $483 million in company shares, after his move to the Japanese mobile carrier from Google.
Arora, who left a high-profile post at the Internet search giant last year, said he would buy 60 billion yen ($483 million) worth of SoftBank stock over the next six months.
He was named president and chief operating officer in June as a potential successor to chief executive Masayoshi Son, who led the firm's $21.6 billion takeover of US mobile giant Sprint in 2013.
I have "decided to take a personal bet on the SoftBank Group", Arora said in a statement.
"This is a large transaction for me, and involves taking an enormous risk in my life once again. However, I am extremely confident about the future of the SoftBank Group".
Son said he was "delighted" at the commitment.
"I expect him to succeed me at the appropriate time," SoftBank's top executive said.
"The last year of working together could not have gone better and it has surpassed every expectation that I had."
According to local media, SoftBank paid Arora an eye-popping $135 million in the fiscal year to March, including a one-time signing bonus, that put him among the world's highest-paid executives.
First Published: Aug 19, 2015 22:41 IST