Leadership change at SoftBank Group: Who will succeed Masayoshi Son?
What's the story
Masayoshi Son, the CEO of SoftBank Group Corp., has indicated his readiness to eventually hand over the reins of the company. Speaking at a general shareholders' meeting in Tokyo on Friday, Son said he is considering an internal successor from within the technology and telecom group. His comments address ongoing concerns from investors and business partners about leadership succession at SoftBank.
Succession strategy
Who will be the next CEO?
The 67-year-old tech mogul has several potential candidates in mind but is keeping them under wraps for now. He said he doesn't want to announce his successor too early, as it might make them arrogant. "It's a delicate balance," Son explained, emphasizing his readiness to hand over the reins whenever necessary. This cautious approach is part of SoftBank's strategy to ensure a smooth transition of leadership.
Investor support
Japanese retail investors crucial for SoftBank
SoftBank's ability to finance big projects heavily depends on the support from Japanese retail investors. These investors have been quick to buy up bonds issued by Son, who has a vision of tech-driven progress. Many have held onto SoftBank shares since before the dot-com boom and bust, hoping for a return to previous highs. This annual shareholders' meeting gives Son an opportunity to present his vision for the company's future.
Tech advancements
'Want to become world's top platformer for ASI': Son
Son also discussed SoftBank's plans to dominate the artificial intelligence (AI) chip architecture space. He stated, "We want to become the world's top platformer for [Artificial Superintelligence] ASI." The company owns chip designer Arm Holdings Plc and intends to invest up to $30 billion in ChatGPT maker OpenAI. SoftBank has acquired Graphcore Ltd. and plans to acquire Ampere Computing LLC as part of its tech expansion strategy.
Manufacturing ambitions
Plans to build a manufacturing hub in Arizona
Son is also looking to build a massive manufacturing hub in Arizona, similar to China's Shenzhen. The move is part of his plan to bring high-tech manufacturing back to the US. He has proposed a partnership with Taiwan Semiconductor Manufacturing Company (TSMC), which has a factory in Arizona and plans to invest up to $165 billion in the country. This partnership could further strengthen SoftBank's position in the global tech industry.