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CEO-in-waiting steps down after current chief Masayoshi Son signals intention to stay on for up to another 10 years.
Softbank’s chief operating officer Nikesh Arora has stepped down effective on Wednesday after less than two years at the Japan-based operator.
He was widely expected to succeed Softbank founder and CEO Masayoshi Son, but the current chief has made it clear that he is not going anywhere for the foreseeable future.
"[Nikesh] should be CEO of a global business, and I had hoped to hand over the reins of Softbank to him on my 60th birthday – but I feel my work is not done," said Son, in a statement on Tuesday.
He is due to turn 60 in August 2017.
"I want to cement Softbank 2.0, develop [U.S subsidiary] Sprint to its true potential and work on a few more crazy ideas," he said. "This will require me to be CEO for at least another five-to-10 years – this is not a time frame for me to keep Nikesh waiting for the top job."
Arora joined Softbank in July 2014 from Google, where he served as chief business officer. He was appointed as vice chairman and CEO of Softbank Internet and Media.
He got straight to work, spearheading investments in various companies across Asia, such as online retailer Snapdeal and ride-sharing firm Ola Cabs in India, and Korean e-commerce company Coupang, for example.
He also began building up Softbank’s portfolio of U.S. start-ups, such as fintech company SoFi, which provides services including online student loan refinancing.
In March this year, Softbank effectively split into two organisations, one managing its domestic operation, the other managing its international businesses. Arora, by now group COO, was put in charge of the latter.
"Helping Masa begin the transformation of Softbank and sowing the early seeds has been a great experience. I have enjoyed working with Masa and the Softbank team and I look forward to my next challenge. In the meantime I will continue to support Softbank and our investee companies," Arora said.
Arora’s resignation will be effective from today.
"Nikesh and I have decided that he would move to an advisory role and continue to support Softbank while he zeroes in on his next challenge," Son said. "He will continue to be [a] friend of Softbank, and I will have my hand on his shoulder."
