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Softbank president to spend JPY 60 bln on company stock
2015-08-19 13:55:00| Telecompaper Headlines
(Telecompaper) SoftBank Group announced that its president and COO Nikesh Arora has agreed to buy JPY 60 billion (USD 483 million) worth of the company's stock on the open market over the next six months. Softbank said Arora is making the investment in a personal capacity and the board approved the plan. "As a measure of my commitment, I have decided to take a personal bet on the SoftBank Group and ensure an alignment of vision, with our founder and Chairman & CEO Masayoshi Son," Arora said. "This is a large transaction for me, and involves taking an enormous risk in my life once again. However, I am extremely confident about the future of the SoftBank Group and the long-term objectives that we have set out. I intend to work closely with Mr. Son to make the vision a reality." Son said he was pleased with Arora's decision and their shared vision and expects the executive to succeed him eventually as CEO. Arora was previously head of Softbank in the US and became group president in June.
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Category:Telecommunications