The Japanese SoftBank Group said on Wednesday that it has appointed Alex Clavel as general manager of its SoftBank Group International (SBGI) unit, replacing Michel Combes who is leaving the role after just six months.
SoftBank transformed the tech sector with big bets on start-ups in the late phase, but the conglomerate has turned over much of its executive team and is forced to radically reduce investment activity back through its Vision Fund as its portfolio declines.
Clavel takes the lead over a hodgepodge of assets, including chip designer Arm, which SoftBank hopes to list, and interests in satellite company OneWeb, telco T-Mobile US and robotics company Boston Dynamics.
The director, who spent 19 years at Morgan Stanley before joining SoftBank in 2015, contributed to the restructuring of the WeWork office space sharing company and the integration of Latin American funds into the Vision Fund following the departure of Chief Operating Officer Marcelo Claure.
The recent outbursts underline the dominance by Masayoshi Son of the Japanese conglomerate and its board in a time of strategic drift. Son will address shareholders on Friday.
Son “it needs people to provide protections, give him advice and make him even more successful,” outgoing SoftBank board member Lip-Bu Tan wrote in a statement earlier this month, adding that “my choices were made too quickly. are likely to have negative consequences for the company “.
© Thomson Reuters 2022