Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

SoftBank Vision Fund head's pay doubled last year despite massive losses

share with twitter share with LinkedIn share with facebook
06/01/2020 | 08:58pm EDT
Rajeev Misra CEO, SoftBank Investment Advisers speaks during the Milken Institute's 22nd annual Global Conference in Beverly Hills, California

By Sam Nussey

(This May 29 story corrects Mizuho borrowing to 912 million, not 1.39 trillion yen, in paragraph 6 and borrowing from the three big Japanese banks to almost 2 trillion yen, not 2.45 trillion yen, in paragraph 7 after SoftBank issues corrected filing.)

SoftBank Vision Fund's head, Rajeev Misra, saw his total pay for the past business year more than double to 1.6 billion yen (12 million pounds), even as the fund's underperformance pushed SoftBank to a record $13 billion operating loss.

The figure was second only to remuneration for SoftBank Group Corp Chief Operating Officer Marcelo Claure, which rose 17% to 2.1 billion yen.

While offering big pay packets to foreign executives, compensation for CEO Masayoshi Son was 209 million yen, a 9% decline compared to a year earlier, a SoftBank filing showed.

SoftBank's massive annual operating loss was largely due to an $18 billion shortfall at the $100 billion Vision Fund, which has seen investments in startups like office sharing firm WeWork and ride-hailing app operator Uber Technologies Inc flounder.

A key architect of the disastrous WeWork investment, vice chairman Ron Fisher who was the group's most highly paid executive in the previous business year, saw his remuneration slashed 80% to 680 million yen. COO Claure has become WeWork's executive chairman as SoftBank restructures the startup.

The heavily indebted tech conglomerate's growing dependence on Japan's big three banks was underscored by the filing - with borrowing from top lender Mizuho Financial Group climbing more than 50% to 912 million yen in the year ended March.

Together with Mitsubishi UFJ Financial Group Inc and Sumitomo Mitsui Financial Group Inc, borrowing climbed to almost 2 trillion yen.

SoftBank's deteriorating performance has forced Son into a programme of asset sales, including a 1.25 trillion yen monetization of Alibaba shares, to fund buybacks and shore up the group's balance sheet.

Earlier this month Son told investors in May that tech unicorns have plunged into the "valley of the coronavirus".

(Reporting by Sam Nussey; Editing by Edwina Gibbs & Simon Cameron-Moore)

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING 7.33% 240 Delayed Quote.5.42%
AT HOME GROUP INC. -2.11% 6.5 Delayed Quote.20.73%
JUST GROUP PLC -2.54% 47.66 Delayed Quote.-38.10%
LINE CORPORATION 0.36% 5590 End-of-day quote.4.49%
MITSUBISHI UFJ FINANCIAL GROUP, INC. 1.73% 429.3 End-of-day quote.-27.63%
MIZUHO FINANCIAL GROUP, INC. 1.73% 135.4 End-of-day quote.-19.55%
SOFTBANK CORP. 1.61% 1387 End-of-day quote.-4.97%
SOFTBANK GROUP CORP. 2.42% 5918 End-of-day quote.24.43%
SUMITOMO MITSUI FINANCIAL GROUP, INC. 1.66% 3115 End-of-day quote.-22.86%
UBER TECHNOLOGIES, INC. 6.00% 32.52 Delayed Quote.3.16%
VISION INC. 0.60% 668 End-of-day quote.-63.13%
WILL GROUP, INC. 5.03% 668 End-of-day quote.-46.65%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
05:12pCommunications Services Up On Growth Bets -- Communications Services Roundup
DJ
05:09pRivals Royal Caribbean, Norwegian Cruise Line team up to plan restart
RE
05:05pTech Up After Uber-Postmates Deal - Tech Roundup
DJ
05:04pFinancials Up With Risk Appetite -- Financials Roundup
DJ
05:02pConsumer Cos Up After Strong Services Sector Reading -- Consumer Roundup
DJ
05:01pBlackstone eyes U.S. $7.5billion for mezzanine debt
RE
05:01pHealth Care Up On Covid Treatment Optimism -- Health Care Roundup
DJ
05:00pIndustrials Up As Boeing Tests Continue -- Industrials Roundup
DJ
04:59pGoogle, Facebook and Twitter Suspend Review of Hong Kong Requests for User Data -- 3rd Update
DJ
04:54pDakota pipeline investors could face major hit after adverse ruling
RE
Latest news "Economy & Forex"