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SoftBank Group International CEO quits in just 5 months
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IANS | 22 Jun, 2022
In
a surprise move, French businessman Michel Combes, who joined as
SoftBank Group International CEO in January this year, has resigned, the
company announced on Wednesday.
Alex Clavel, currently Managing Partner at SoftBank Group International, is replacing Combos from June 30.
According to the company, Combes has decided to leave SoftBank to pursue new opportunities.
"I
am confident that Clavel's experience -- combined with the strong
SoftBank team around him -- will serve us well as we continue our
journey as Vision Capitalists," said Masayoshi Son, Chairman and CEO of
SoftBank Group.
Combes' departure comes as several SoftBank
employees have exit the company in recent months as the company's global
operations shrink.
The Japanese investment giant last month
reported a huge net loss of $13.14 billion for the year ending March 31,
saying that it would be forced to cut startup funding by more than half
this year.
The conglomerate also reported its biggest-ever quarterly net loss at $16.2 billion for the January-March quarter.
The
global market conditions have only gone worse amid rising inflation and
high interest rates, leading to economic recession fears.
Combes
said in a statement that he is departing SoftBank "proud of having
achieved what I set out to do here, including turning around Sprint and
executing its merger with T-Mobile, repositioning WeWork and
successfully taking it public".
Clavel has been responsible for
managing several of SoftBank's international platform of investments
outside of the Vision Funds, including T-Mobile, Deutsche Telecom,
WeWork and OneWeb.
Prior to joining SoftBank, Clavel spent 19 years at Morgan Stanley in investment banking.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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