Nikesh Arora, SoftBank Group’s vice chairman, has been appointed as the chairman of Yahoo Japan as SoftBank chief executive Masayoshi Son steps down from the role, reports Wall Street Journal. It is widely expected that Arora will be named successor for the Japanese telecommunications and Internet company.
Currently, SoftBank owns 36% stake in Yahoo Japan and the publication added that Son will remain on the board and serve as a director. “Along with his global and wide knowledge, Nikesh Arora has deep insight into the Internet business. We will bring him on board in order to maximize the value of our company,” a statement from the company read.
Earlier this month, Arora, a former Google executive, was named SoftBank Group’s new chief operating officer and president as part of a major restructuring at the Japanese telecom and Internet conglomerate. As CEO of SoftBank Internet & Media Inc (SIMI), Arora led several marquee investments in India which includes Snapdeal with $627 million, a $210 million investment round in cabs aggregator Ola and a $90 million funding round in property search startup Housing.com. Arora recently resigned as a nominee director of the three Indian firms and it was reported that this will push him from the direct responsibility of SIMI.
It’s also worth noting that in 2012, Bharti Softbank (BSB), a 50:50 Joint Venture between Bharti Enterprises and SoftBank Corp, announced a partnership with Yahoo Japan, for developing a mobile internet portal for the Indian mobile market. The Companies have formed a JV company, BSY Pte. Ltd. for this purpose. Bharti Softbank currently operates three mobile ventures including mobile messaging app Hike, mobile gaming venture Tiny Mogul Games and location-based deals service Hoppr.
SofBank had also entered into a joint venture with the Hollywood production house and media company Legendary Entertainment, to offer premium content on its mobile platforms, with a focus on Indian and Chinese markets.