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After 13 years in office, Ma Yun is about to withdraw from Softbank’s board of directors

After 13 years in office, Ma Yun is about to withdraw from Softbank’s board of directors
On May 18, Softbank Group Co., Ltd. (9884.OT) Announcement, Alibaba Group (NYSE: BABA, 09988.HK) Founder Ma Yun will resign as director on June 25.As of now, Jack Ma has served on Softbank’s board of directors for 13 years.On June 25, Softbank will become the annual general meeting of shareholders.Softbank CEO Sun Zhengyi’s “Friends Circle” has resigned as directors, including Tadashi Yanai, chairman and CEO of Uniqlo operator Fast Retailing, who retired at the end of 2019. He has served as a director of Softbank for 18 years, JapanShigenobu Nagamori, the chief executive officer of Denko, also left the board of directors in 2017.In the record of the expected development history of SoftBank’s official website, the story of Alibaba’s investment of US $ 20 million in 2000 was the beginning of its leading information revolution.This investment is SoftBank’s most outstanding investment.SoftBank will announce its fiscal year results for March 31, later on Monday.However, before that, many of its investments suffered a crisis.On April 13, the SoftBank Group issued a statement that updated its long-term financial performance forecast, that is, in FY2019, the Softbank Expected Fund is expected to record about 1.8 trillion yen (about 17 billion US dollars) investment losses.Softbank had previously started to grow from the end of March. On the 23rd of the month, Softbank announced that the board of directors had approved the sale of realizable assets and raised up to 4 within the next year.5 trillion yen (approximately 41 billion US dollars) of funds, and authorized to repurchase 2 trillion yen (approximately 18 billion US dollars) of common stock, the remaining funds will be used for debt repayment, bond repurchase and increase cash reserves.On May 18, Softbank’s new 2 trillion repurchase scale, the board of directors approved the purchase of up to 500 billion yen stocks before March 31, 2021.The board of directors will determine the time and amount of the remaining portion after observing the progress of the current repurchase.However, Jack Ma’s withdrawal will affect the other 10 SoftBank board members.In fact, SoftBank disclosed three newly appointed directors, namely Softbank Chief Financial Officer Yoshimitsu Goto, CEO of semiconductor design company Cadence Design Systems, and Chen Liwu, founder and chairman of Venture Capital InternationalProfessor Wakamoto Yuko (Kawamoto Yuko), Waseda Business School.The latter two are external independent directors.Sauna, Night Net Editor Liang Chen proofread by Zhao Zeyan Chen Diyan