SoftBank strategy chief Sago to step down

SoftBank strategy chief Sago to step down

News: SoftBank strategy chief Sago to step down.

TOKYO (Reuters) – Katsunori Sago, Chief Strategy Officer of SoftBank Group, will step down at the end of March, the company announced on Friday.

Sago, a Goldman Sachs alumnus and former Chief Investment Officer of Japan Post Bank Co, where he was one of the “Seven Samurai” who developed a more aggressive investment approach, took on the newly created strategy job at SoftBank in 2018.

The departure of one of CEO Masayoshi Son’s key lieutenants comes after a consolidation of power around the head of the Vision Fund, Rajeev Misra, and the chief operating officer, Marcelo Claure, and invested in public companies as SoftBank under the rising star Akshay Naheta.

Sago “played a vital role in expanding SBG’s potential as an investment company,” Son said in a statement that was not a reason to leave.

Over the past year, SoftBank removed several high-profile executives from its board of directors, including Sago, Misra and Claure, following pressure from investors to improve supervision of the group.

SoftBank Group reported last month that net income rose more than 20 times in the third quarter thanks to the recovery of their Vision Fund.

(This story is case sensitive in paragraphs 2 and 3)

Reporting by Ritsuko Ando and Sam Nussey; Editing by Kirsten Donovan, Jason Neely and David Goodman

Original Source © Reuters

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