Image: Reuters Berita 24 English - Japan's SoftBank Group Corp announced on Wednesday that it had named Alex Clavel as CEO of its Soft...
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| Image: Reuters |
Berita 24 English - Japan's SoftBank Group Corp announced on Wednesday that it had named Alex Clavel as CEO of its SoftBank Group International (SBGI) unit. Clavel will replace Michel Combes, who is leaving the job after only six months.
SoftBank changed the tech industry by making big bets on late-stage startups. However, the conglomerate has had to replace a lot of its top executives and cut back on investing through its Vision Fund because its portfolio is falling.
Clavel is in charge of a wide range of assets, such as SoftBank's hopes to list chip designer Arm and stakes in satellite company OneWeb, telecommunications company T-Mobile US Inc, and robotics company Boston Dynamics.
Before joining SoftBank in 2015, the executive worked for Morgan Stanley for 19 years. After Marcelo Claure left as Chief Operating Officer, he helped restructure office space-sharing company WeWork and add Latin American funds to the Vision Fund.
The recent departures show how much power CEO Masayoshi Son has over the Japanese conglomerate and its board at a time when the company's strategy is getting off track. On Friday, Son will talk to shareholders.
Lip-Bu Tan, who is leaving the SoftBank board, said in a statement earlier this month that Son "needs people to protect him, give him advice, and help him be even more successful." He also said that bad decisions made too quickly can hurt the company.
