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
share via e-mail
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 0.25% 249.21 Delayed Quote.17.50%
AT HOME GROUP INC. 8.32% 6.25 Delayed Quote.13.64%
JUST GROUP PLC -3.32% 49.84 Delayed Quote.-36.91%
LINE CORPORATION 0.54% 5580 End-of-day quote.4.30%
MITSUBISHI UFJ FINANCIAL GROUP, INC. 0.02% 424.6 End-of-day quote.-28.42%
MIZUHO FINANCIAL GROUP, INC. 0.89% 136.6 End-of-day quote.-18.84%
SOFTBANK CORP. 1.17% 1431.5 End-of-day quote.-1.92%
SOFTBANK GROUP CORP. 0.84% 6497 End-of-day quote.36.61%
SUMITOMO MITSUI FINANCIAL GROUP, INC. 0.32% 3087 End-of-day quote.-23.55%
UBER TECHNOLOGIES, INC. 6.08% 32.81 Delayed Quote.10.32%
VISION INC. 5.77% 678 End-of-day quote.-62.58%
WILL GROUP, INC. 2.87% 646 End-of-day quote.-48.40%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Economy & Forex"
05:59pBoeing to support NASA with ISS operations through 2024
RE
05:57pBondholder group warns against adding coronavirus to EBITDA
RE
05:56pMajor U.S. retailers Walmart, Kroger will require customers to wear masks
RE
05:41pBritain publishes plans to keep internal trade flowing after Brexit
RE
05:30pTrump revamps key environmental law in bid to fast track pipelines, roads
RE
05:28pBank of England teams up with Beano comic to boost financial literacy
RE
05:26pTwitter account of former vice president joe biden also apparently hacked
RE
05:19pApparent twitter hack spreads to more accounts including mike bloomberg, kanye west
RE
05:18pNew Zealand Consumer Prices Dropped in 2Q on Pandemic Shock
DJ
05:16pTwitter says it is looking into apparent hacks, will have statement shortly
RE
Latest news "Economy & Forex"