The Strategist

SoftBank cuts salaries of top executives after record investment fund losses



05/31/2022 - 10:26



After reporting unprecedented losses at two investment firms, Japan's SoftBank has reduced the wages of its senior executives. The downsizing had little effect on Masaesi Son, the billionaire CEO.



Kirakirameister
Kirakirameister
After reporting historic losses at its two investment funds, Vision Fund 1 and 2, Japanese company SoftBank has slashed the compensation of its senior executives. It was reported in the Financial Times, citing the company's disclosure to the Tokyo Stock Exchange.

The pay of billionaire Masaesi Son, the company's founder and CEO, stayed steady at 100 million yen (about $785,200). However, Yoshimitsu Goto's remuneration for the latest fiscal year, which ended March 31, fell by 187 million yen to 293 million yen ($2.3 million), compared to the previous year. Ken Miyauchi, the CEO of SoftBank Telecom, saw his revenue drop to 593 million yen ($4.66 million) from 635 million yen last year.

SoftBank announced in mid-May that its two investment funds had lost almost 3.55 trillion yen ($27 billion) in fiscal year 2021. SoftBank as a whole lost a record 2.1 trillion yen ($16.5 billion) at the end of the year. Due to stricter monetary policy and major rate hikes in several nations, as well as pressure from Chinese authorities on the IT sector, the value of large assets in SoftBank's portfolio has dropped. According to the Financial Times, SoftBank's most depreciated assets include Chinese cab aggregator Didi and South Korean trading portal Coupang.

source: ft.com

 




More
< >

Thursday, September 22nd 2022 - 10:37 Google and Meta to cut down staff through screening