As per the Media reports resignation would be applicable from June 25
Jack Ma, philanthropist and founder of Alibaba Group, has resigned from the board of SoftBank. The Tokyo-based organization declared about Ma's resignation on Monday. Media reports suggest that the resignation will be applicable from June 25 after SoftBank Group's share annual meeting.
The organization has not explained the reason for Ma's resignation. A year ago, he had additionally resigned as director of Alibaba to concentrate more on philanthropy.
Ma is a close associate of SoftBank CEO Masayoshi Son and had been serving on the board for past 13 years. Earlier in 2000 Son had invested approximate amount of $ 20 million, and the amount had become $ 60 billion in the year 2014 when Alibaba became public.
Though SoftBank had sold some of their shares gradually, but still as of now it holds about 25.1 % of stake in Alibaba worth approximate amount of $ 133 billion.
Out of the present eleven directors on board of SoftBank Group, the one and only director to resign from the board is Ma. The group has also announced that they are nominating three new names for election as board members.