Marcelo Chlor leaves SoftBank after a dispute with Masayoshi Sin


Marcelo Chlor, one of the highest paid executives at SoftBank, which led to a turnaround in WeWork, left the Japanese technology conglomerate after a feud with founder Masayoshi Son.

SoftBank said in a statement on Friday that there had been a mutual agreement to “split a successful nine-year partnership”, but did not explain the move.

Chlor’s departure as chief operating officer and possible successor to Son came after months of icy pay talks, according to people closing the situation.

“We are not commenting on the reason [for Claure leaving]. We are not disclosing the contents of the agreement, “a company spokesman said, adding that SoftBank would not comment on Sin and Chlor’s relationship.

Three people with direct knowledge of the issue said the Bolivian billionaire, who headed SoftBank’s $ 5 billion investment fund in Latin America, was leaving after a pay dispute over the group’s strategic direction. People said the deal to leave Chlor was expected to be worth “hundreds of millions of dollars”.

A person close to the company said that before he left, Chlor’s importance in SoftBank had diminished significantly, as his business portfolio was limited and his influence diminished.

“This is an environment in which what counts at this level is your relationship with the Son, and once it fell apart, the role of chief operating officer was just a name,” the man said, adding that Chlor’s demands for compensation at one stage included a “10-digit” amount.

A Claure spokesman declined to comment.

His departure will tighten control over the falling share price of SoftBank, and what some investors have said is a growing leadership crisis under its powerful founder, Son.

Shares in SoftBank fell more than 50% after its peak last March, falling sharply in recent days as technology-focused stocks sold out globally.

Shares of the company rose about 2.2% in trading in Tokyo on Friday, in line with the 1.9% growth for the day for the wider Topix, which tracks the Japanese market.

French telecommunications chief Michel Comb will take over Chlor’s responsibilities for overseeing SoftBank’s Latin American funds, its Opportunity Fund and several non-Japanese portfolio companies.

Cloure was hired by SoftBank through the acquisition of its telecommunications startup Brightstar and quickly made his way into Son’s inner circle, first serving as CEO of the American mobile group Sprint and later organizing the rescue and revival of the losing group. WeWork property.

During her tenure, Claure has repeatedly clashed with other SoftBank executives, including the head of its private investment arm, Rajiev Misra, a former Deutsche Bank merchant.

People close to SoftBank’s top management said another source of friction was Chlor’s efforts to increase the company’s exposure to cryptocurrencies.

Chlora was one of three CEOs, along with Misra, who were considered possible successors to Son. The other, former Goldman Sachs banker Katsunori Sago, left the post of strategic director last year in less than three years. Sago’s departure was preceded by the departure of the company’s Chief Compliance Officer, Chief Legal Officer and Chief Communications Officer.

Video: SoftBank: assembling the puzzle FT movie



Source link

Leave a Reply

Your email address will not be published.