Rajeev Misra of the SoftBank Vision Fund receives double pay despite losses

Rajeev Misra of the SoftBank Vision Fund receives double pay despite losses

SoftBank Vision Fund director Rajeev Misra saw his total payout in the last trading year more than double to 1.6 billion yen ($ 14.8 million), even as the fund’s underperformance led SoftBank to an operating loss record $ 13 billion.

The figure was surpassed only by the remuneration of the Director of Operations of the SoftBank Group, Marcelo Claure, which increased 17 percent to 2.1 billion yen.

While offering large pay packages to foreign executives, compensation for CEO Masayoshi Son was 209 million yen ($ 1.9 million), a decrease of 9 percent compared to the previous year, a SoftBank presentation showed.

SoftBank’s massive annual operating loss was largely due to a $ 18 billion shortfall in the $ 100 billion Vision Fund, which has seen investments in startups like office-swapping firm WeWork and the operator of Uber transport applications.

Key architect of WeWork’s disastrous investment, Vice President Ron Fisher, who was the group’s highest-paid executive in the previous business year, saw his compensation drop 80 percent to 680 million yen ($ 6.3 million). millions). COO Claure has become WeWork’s CEO as SoftBank restructures the startup.

The growing reliance on the highly indebted tech conglomerate of Japan’s three big banks was underscored by the presentation, with loans from leading lender Mizuho Financial Group doubling to 1.39 trillion yen in the year ending March.

Together with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, loans increased by more than 1 trillion yen to 2.45 trillion yen.

The deterioration in SoftBank’s performance has forced Son into an asset sales program, which includes a 1.25 trillion yen monetization of Alibaba’s shares, to finance buybacks and shore up the group’s balance sheet.

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Earlier this month, Son told investors that tech unicorns have plunged into the “coronavirus valley.”

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Cory Weinberg

About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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