nikesh arora

Japan-based SoftBank Group Corporation President & Chief Operating Officer Nikesh Arora on Tuesday announced his decision to step down from his position.

According to Indian Express, SoftBank said – Arora and Chairman and Chief Executive Masayoshi Son had disagreed over when Arora would replace Son as head of the group. His decision to step down comes less than two years since he joined Softbank.

Arora announced his resignation over twitter and said that he will continue to hold the position of President & COO of Softbank group will 30 June and thereafter assume an advisory role, effective July 1.

Masa (Masayoshi Son, current head of SoftBank)

In a response to Arora’s resignation Paytm founder Vijay Shekhar reacted to his tweet and asked about the future of Indian startup ecosystem post his resignation Arora then responded and cleared his intention that he will continue to support Indian startups.

A former Google executive, Arora was paid a record amount of $73 million to lead Softbank’s operations. This pay package made him world’s 3rd highest paid executive.

Arora is an alumnus of Indian Institute of Technology (BHU), Varanasi and son of an Indian Air Force officer.

RELATED READING  NBFC-P2P Firm IndiaMoneyMart Appoints two Industry Veterans to its Advisory Board

In 2014, after Arora joined Softbank the investment of the Japanese firm in India crossed $1 billion. Some of the Indian startup investment by Softbank where Arora played a pivotal role are – Housing.com ($90 million in 2014), Snapdeal ($627 million in 2014), Oyo Rooms (lead a $100 million round in late 2015) and Grofers (lead a $120 million in 2015.

Softbank, owned by legendary investor Masayoshi Son, owns U.S. mobile carrier Sprint and is the largest investor in China e-commerce company Alibaba.

Comments

Comments are closed.

You may also like