This follows last month's announcement the Alibaba's Jack Ma will be leaving SoftBank's board.
Billionaire business magnate Masayoshi Son said he will be stepping down from the board of Chinese e-commerce major Alibaba Group Holding. The announcement was made by the SoftBank Group CEO at the end of the company's annual shareholder meeting on June 25, The Wall Street Journal reported.
This follows last month's announcement the Alibaba's Jack Ma will be leaving SoftBank's board. The news of Ma's departure, who retired as Alibaba's Executive Chairman in September last year, came as he pulls back from formal business roles to focus on philanthropy.
With this, the curtain is set to fall on the nearly 15 year-long board-level ties between the two businessmen. The 62-year-old businessman has previously said he will hand over management at SoftBank to a successor in his sixties.
In a defence of his investing reputation, Son said at the meeting that the equity value of the group's holdings has recovered to pre-coronavirus outbreak levels. This comes after the group was hammered by mounting losses.
The shareholder meeting also saw the appointment of new board directors including entrepreneur Lip-Bu Tan, who was elected in the face of opposition of proxy adviser Glass Lewis.
(With inputs from Reuters)
