Jack Ma Leaves SoftBank Board of Directors
Jack Ma, founder of Alibaba, a Chinese corporation, will leave the board of directors of SoftBank, one of Japan’s leading mobile operators. This was announced on Monday on the company’s website.
In an earnings release, the company recorded an annual operating loss of 1.36 trillion yen, or $12.7 billion, in the fiscal year that ended March 31, its first annual loss in 15 years. It reported a profit of $19.6 billion during the same period last year.
The company’s losses were slightly higher than its estimates, and the Vision Fund reported a loss of $17.7 billion, greater than predicted. It is noted that Jack Ma will officially leave on June 25.
According to NHK, Jack Ma independently decided to resign to devote more time to charity work. A Chinese businessman has been on the board of directors of SoftBank since 2007.
Author: Marko Vidrih
Featured image credit: meikmag.com