SoftBank Son CEO compensation dropped by half last year, Telecom News, ET Telecom
TOKYO: The compensation of SoftBank Group Corp’s chief executive, Masayoshi Son, for the past fiscal year fell 52% to 100 million yen ($ 915,000), including base salary, a file from the Japanese conglomerate.
The disclosure ahead of SoftBank’s annual general meeting on June 23 follows a turbulent year that saw the group pounded by the COVID-19 pandemic before rebounding to a record profit on market appetite for its technology investments.
Son, who spoke about paying a premium price to attract talent, received the modest compensation just as his fortunes were increased by the group’s share price rally after a $ 23 billion buyback program. dollars which also strengthened its ownership.
The filing also showed that Simon Segars, CEO of UK-based chip designer Arm, received the largest disclosed compensation of 1.9 billion yen. SoftBank agreed to sell Arm to US chip company Nvidia Corp in November in a $ 40 billion deal that has yet to receive regulatory approval.
The filing did not reveal the full numbering of SoftBank’s key executives, including Vision Fund chief Rajeev Misra and chief operating officer Marcelo Claure who left the group’s board in November because their salaries after this point was not disclosed.
Misra’s disclosed compensation was 931 million yen ($ 8.5 million) – a drop of 42% from the previous year, when he served on the board for the full 12 months. Claure’s compensation fell 15% to around 1.8 billion yen, with his package including the cost of his relocation to the United States.
A total of eight executives received $ 64 million, including former chief strategy officer Katsunori Sago, who has since left the company.
SoftBank last week announced further changes to its board of directors, including the appointment of senior gaming industry executive and stock picker Keiko Erikawa, president of Koei Tecmo Holdings Co Ltd.