Nikesh Arora, president and chief operating officer of SoftBank Group, has decided to step down from his post. This news comes shortly after he got clean chit against allegations for mishandling investments.
As per the reports, Arora will continue to remain an adviser for the company. In a tweet, Nikesh Arora has confirmed that he has also sold his shares in SoftBank.
According to the report from WSJ (link), Ron Fisher and Alok Sama will fill Arora’s role in directing overseas investments.
Arora was tipped to be the next CEO of the firm, after current CEO Masayoshi Son retires. In June 2015, Son himself said so. However, Son recently announced that he will continue his CEO stint with the company for another 5 to 6 years.
When SoftBank Group split into two organizations – domestic and global, Arora was made the CEO of the global operations. The investment securities of global subsidiaries and affiliates would be transferred to the global operations management company.
Arora’s first investment in India includes online ecommerce marketplace Snapdeal and taxi app Ola. However, he received flack for his investment in Housing.com.
Apart from those, he has also invested in Oyo Rooms, Hike and Grofers. Other investors questioned his “poor investment performance” in Housing.
To read the full statement from SoftBank regarding Arora’s exit, click here.