The Softbank panel of Alibaba's Jack Ma is resigned.
SoftBank Group Corporation said on Monday that Alibaba's co-founder, Masayoshi Son, would resign from its board at the latest departure.
Ma, who retired in September as executive president of Alibaba, leaves to concentrate on philanthropy as he retreats from official business positions.
During its annual general meeting on 25 June, SoftBank will propose 3 new Board members, including Group Chief Financial Officer Yoshimoto Goto. The number of members of the Board will rise to 13.
SoftBank also proposes to appoint CEO Lip-Bu Tan of Cadence Design Systems, which is now Chief Executive Officer of Venture Capital.
It follows a proposal from investor Elliott Management, which has urged SoftBank to boost the board's diversity, and wants a new sub-comité, which will manage the 100 billion dollar Vision Fund investment process.
Son's top-down management style is under increased scrutiny, as its third consecutive quarterly loss is expected to be announced later on Monday, taking the company as a whole to a record drop.
The board includes primarily insiders and administrators from SoftBank. This includes Yasir al-Rumayyan, the director of the sovereign Saudi fund, the main foreign sponsor of the Vision Fund.