Epitaphs for Masa Son’s daring have been written over and over again. We ourselves are guilty of it. After years of post-billion dollar catastrophe, it really seemed like the SoftBank boss had essentially given up on moving to the financial villain’s last resort, the special-purpose acquisition firm.
Rarely, if ever, have we been happier to report that we were wrong. You guys, Masa Son is back.
The conglomerate posted more than $ 6 billion in profits for the July-September quarter, driven by rising share prices and valuations of some of its portfolio companies. “We can attack at the same time while we continue to strengthen our defenses,” Son said at a press conference in Tokyo, the first in six months at which he spoke personally to reporters.
And, perhaps more excitingly, he’s embarking on the next phase of his financial art without (or at least without so much) his longtime associates, including those who drive him to his most depressing derivative work.
Japanese tech holding SoftBank announced on Monday that Vision Fund head Rajeev Misra and chief operating officer Marcelo Claure are among the four directors who are leaving the company’s board of directors immediately.
Misra and Claure will retain their leadership positions. “The changes to our board of directors build on the improvements we made in June, including ensuring we have a larger proportion of external directors, and underscore SoftBank’s commitment to corporate governance,” Son said in a statement.
With the rejuvenated and increasingly independent board of directors aside, a person seems to be realizing these likely aren’t great developments in his efforts to get Son to listen to reason, especially his. So Paul Singer takes his unwanted advice elsewhere.
Activist investor Elliott Management Corp. has acquired a stake in F5 Networks Inc. and has spoken with management at the software company over the past few weeks about ways to increase its arrears. Elliott executives are questioning recent acquisitions of Shape Security Inc. and Nginx Software Inc., among others, suggesting that without a clear integration strategy, the company may have paid too much.
SoftBank’s comeback stays on track with $ 6 billion in profit [WSJ]SoftBank removes board members like Rajeev Misra and Marcelo Claure to improve the perception of independence [CNBC]Elliott Management participates in the software company’s F5 networks [WSJ]