SoftBank Group Corp said Wednesday that Ken Miyauchi, head of the group’s Japanese telecommunications operations, would become president and chief operating officer to replace Nikesh Arora.
Arora, the former Google executive handpicked by the SoftBank founder Masayoshi Son as his successor, has abruptly quit as president after it became clear that Son wanted to remain at the helm longer than first planned.
The 48-year-old former Chief Business Officer at Google decided to call it a day as his 58-year-old boss Son said he was planning to quit at the age of 60 but felt he was “still a bit too young”.
The development interestingly came just a day after Arora getting a clean-chit from a special committee set up by SoftBank to look into the allegations against him from some shareholders about his conduct and qualifications.
In May last year, Nikesh was elevated to President and COO, the first time in 35-year history of SoftBank that anyone was given the President title.
Arora was responsible for global operations, has led SoftBanks investments in India in eCommerce firm Snapdeal, ride-hailing service Ola, real-estate website Housing.com, hotel-booking app Oyo Rooms and Grofers.
Nikesh Arora, who is among the highest paid global executives, received USD 135 million pay package including a joining bonus in 2014-15, and was paid USD 73 million last year.