SoftBank Group Corp founder and chief executive Masayoshi Son and Jack Ma, founder of Alibaba Group Holding, attend the Tokyo Forum 2019 in Tokyo, Japan, on December 6. Photo: Reuters
Global Business News

Alibaba founder Jack Ma to step down from SoftBank Group’s board

May 20, 2020
newszetu
  • Jack Ma’s exit would conclude his 13-year stint as board member at the Japanese technology conglomerate
  • SoftBank is one of e-commerce giant Alibaba’s largest shareholders
Jack Ma, founder of Alibaba Group Holding, has resigned from the board directors of Japanese technology conglomerate SoftBank Group Corp, which comes about nine months after the billionaire entrepreneur

stepped down as executive chairman  at the Chinese e-commerce giant.

The resignation of Ma, 55, is expected to become official at SoftBank’s 40th annual general meeting on June 25, when 10 of the company’s current 11 board members are to be re-elected, according to a statement from SoftBank on Monday, ahead of its latest financial results announcement.

That would conclude Ma’s 13-year stint as board member at SoftBank, one of Alibaba’s largest shareholders. Alibaba, the parent company of the South China Morning Post, remains SoftBank founder and chief executive Masayoshi Son’s most successful tech bet to date.

SoftBank and Ma’s office did not immediately respond to separate requests for comment on Monday.

Ma’s departure from the SoftBank board marks the latest indication of his resolve to focus on philanthropic pursuits.

He retired from Alibaba on September 10 last year, when the e-commerce company behind Chinese online retail platforms Taobao Marketplace and Tmall marked its 20th anniversary.
Since February, the Alibaba Foundation and Jack Ma Foundation have sourced and delivered various types of medical supplies, including face masks and Covid-19 test kits, to more that 150 countries and regions.
SoftBank said on Monday that it will expand the number of its board members to 13. Its three new directors, subject to shareholder approval, include SoftBank chief financial officer Yoshimitsu Goto, Waseda Business School professor Yuko Kawamoto and Tan Lip-bu, chief executive of US software firm Cadence Design Systems.
The Tokyo-based company reported on Monday a net loss of 961.6 billion yen (US$8.9 billion) for its financial year ended March 31.

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