Alibaba co-founder, Jack Ma, will resign from the SoftBank board on 25th June 2020 after serving as a director for 13 years.
Although the company did not give a reason for his resignation, Jack Ma has been pulling back from business roles to focus on philanthropy in the past year. In September 2019, he resigned as Alibaba’s chairman and is expected to step down from its board at its annual general shareholder meeting this year.
Jack Ma’s resignation comes after Tadashi Yanai, founder, and CEO of Uniqlo parent Fast Retailing, also resigned from the board late last year so as to focus on his fashion business.
During its annual general meeting scheduled for 25th June, the company will propose three new appointments to the board, including group Chief Financial Officer Yoshimoto Goto, Cadence Design Systems chief executive Lip-Bu Tan, and Waseda Business School professor Yuko Kawamoto.
Therefore, the number of board members will expand to 13.
As of a February 2020 SEC filing, SoftBank owned about 25.1% of Alibaba shares. Its stake in Alibaba is currently worth more than $100 billion, making it SoftBank Group’s most valuable investment.
SoftBank Group Corporation is a Japanese multinational conglomerate holding company, with its headquarters in Tokyo, Japan. It runs Vision Fund, the world’s largest technology-focused venture capital fund.
It operates in broadband, fixed-line telecommunications, e-commerce, internet, technology services, finance, media and marketing, semiconductor design, etc.
SoftBank was ranked in the Forbes Global 2000 list as the 36th largest public company in the world and the second-largest publicly traded company in Japan, after Toyota.