SoftBank executive steps back from key roles after record losses
SoftBank’s executive Rajeev Misra has stepped down from his roles as corporate officer and executive vice president as the investment giant reels from record losses this year.
Misra, who was a key ally of boss Masayoshi Son at the firm, will relinquish his roles from today but remain chief of SoftBank Investment Advisers, which oversees the $100bn vision fund.
The move comes just weeks after he stepped down from his role as the chief of SoftBank Global Advisors – which manages Vision Fund II.
Misra played a central role in the establishing the the original Vision Fund in 2017, which became one of the world’s most prolific investment divisions with splashy high profile bets on tech firms around the world.
But SoftBank, which has backed firms including Uber, Klarna and Chinese giant Tencent, has been rocked by a downturn in global tech stocks.
SoftBank posted a $23bn (£19.8bn) loss in the second quarter of the year, prompting the firm to push through drastic cost cutting measures and the sale of a number of assets, including its hefty stake in Tencent.