Nikesh Arora the ex-boss and once the highest earner of Google Inc (NASDAQ:GOOGL) have been named as the potential CEO of Softbank Corp (USA) (OTCMKTS:SFTBF). The Japanese division of the bank announced a reshuffle in the management, appointing current investments head, Nikesh Arora as the President and a potential successor to the current CEO Masayoshi Son. The telecoms conglomerate is gearing up to expand its business overseas, and the reshuffle was done in the view of the new demand for excelling in the Western world.
The move is also a part of the battle to improve the profit margin of U.S carrier Sprint Corp, which the telecoms company bought in the year 2013 for around $20 billion. Apart from that, sluggishness in the economy of Japan has also forced Softbank to search for greener pastures overseas. The billionaire and the outgoing President, Son, made the announcement of Arora for the post at the earnings conference of Softbank.
Arora is More Able and Strong Candidate
Arora earlier had been the chief business officer at the Google Inc. According to Son, although Arora is 10 years younger than he is, he is abler and a strong candidate who can lead the company in the future. He further said that the last nine months that they have spent together have assured him that he is not going to retire early.
Arora joined Softbank last July to run the newly created SoftBank Internet and Media Inc. unit and was reporting directly to the CEO, Son. In 2012, Arora was the most powerful and the highest paid executives of Google and made $51 million in stock and cash. He will take over as the President from June 19, 2015.
Apart from the acquisition of the American Sprint company, Softbank has also made several other investments in the last few years, including the $250 million investment in the Hollywood movie studio Legendary Entertainment.
