Sunday , 15 December 2019
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SoftBank splits company into domestic, international ops

SoftBank splits company into domestic, international ops

Japan’s SoftBank Group has started a major company-wide reorganisation, separating its two domestic and global operations. According to the new strategic direction, Nikesh Arora will head the group’s global operations management company and Ken Miyauchi its domestic operations management company in Japan. The two will concurrently serve as representative director, president and COO of SBG, and director of SBG respectively.

The investment securities held by the SoftBank Group will be transferred to each operations management company in phases. Global subsidiaries and affiliates such as Starburst, the holding company that holds the shares of Sprint, and Softbank’s stake in Alibaba will be transferred to the global operations management company from SoftBank. Domestic subsidiaries and affiliates such as SoftBank Corp and Yahoo Japan will be transferred to the domestic operations management company.

The timing and method of the transfer will be left to the discretion of SoftBank CEO Masayoshi Son. The transfer is due to be completed by end-December.

The impact of the reorganization on the group’s consolidated financial results for the fiscal year to end March 2016 and fiscal year to end March 2017 will be minor, SoftBank said. The impact on non-consolidated financial results will be announced when available. For this fiscal year, the company is guiding for net revenues at JPY 8.504 trillion, operating profit at JPY 918.72 billion and net profit at JPY 668.36 billion.

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