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Jack Ma to leave SoftBank's board.

On the same day, SoftBank announced its largest share buybacks.


Jack Ma to leave SoftBank's board.

SoftBank Group announced earlier today that Alibaba's retired founder, Jack Ma, will be resigning from its board of directors.

On the same day, SoftBank also announced its largest share buyback of up to 2 trillion yen worth of shares.

CEO of SoftBank Group, Masayoshi Son

Jack Ma has been on SoftBank's board for the past 13 years, joining back in 2007.

While his reason for departure was not mentioned, Jack Ma has been pulling back from formal business roles to focus on his philanthropy work in the recent months.

SoftBank has also proposed 3 new board members, expanding the total number to 13 people.

Masayoshi Son and Jack Ma after speaking at a conference.

SoftBank’s CEO, Masayoshi Son, was an early investor in Alibaba, presently owning over 25% of the company. 

Son's initial investment of $20 million into Alibaba has grown to be worth more than $100 billion today, making it one of the Japanese company’s most valuable holdings.


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ABOUT ALFRED LEE

Journalist at BEAMSTART. I write about breaking business news in the region.

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