SoftBank’s Masayoshi Son Says Successor Is Likely From Within Group, But Won’t Name One Yet: ‘I Still Have Passion’
Synopsis
At the meeting, Son also expressed hopes to transform his company as the "world’s top platformer for ASI [artificial super intelligence]" as he believed that it will be a winner-take-all arena.
SoftBank Group Corp. (SFTBF) founder and venture capitalist Masayoshi Son is considering tapping a company insider, particularly one from the technology and telecom division, as his potential successor.
“I have potential candidate successors in my mind. They are [from] among our group,” Son said, according to a shareholder meeting transcript on Koyfin. His comments came in response to a shareholder’s suggestion that he train three candidates and select one as his successor.
The 67-year-old tech magnate said internal leaders are being “nurtured,” but added that it’s “very difficult until the very last minute to select [his] own successor.”Asked if he should make an announcement now, Son replied, “I don’t want [them] to get complacent or get tired or get busy.”
He acknowledged the need for contingency planning, adding, “Of course, you need to anticipate some risk — my health or accidents. So I always know I have to be prepared myself.”
When asked about internal candidates, Son hinted at Junichi Miyakawa, head of SoftBank’s telecom unit: “He’s doing well, and I have full trust in him.”
Still, Son signaled no intention to step down soon: “I still have a passion, so I would like to do my best.”
SoftBank stock, trading over the counter in the U.S., has gained nearly 20% this year compared to the 11% gain for the iShares MSCI Japan ETF (EWJ).
Tokyo-headquartered SoftBank is an investment holding company that invests mainly in technology companies. In 2017, it set up the SoftBank Vision Fund, which has over $100 billion in assets under management. The Vision Fund 2 was set up in 2019 to invest in artificial intelligence (AI)-driven ventures and later-stage technology companies.
At the meeting, Son also expressed hopes to transform his company into the “world’s top platformer for ASI [artificial super intelligence] as he believed that it will be a winner-take-all arena. “I’m all in,” he said.
Among Softbank’s AI investments are a majority stake in British chip designer Arm Holdings plc (ARM) and the purchase of a U.K.-based AI accelerator manufacturer. The company intends to invest up to $30 billion in OpenAI, led by Sam Altman, and plans to acquire Ampere Computing.
The company is also eyeing setting up a large manufacturing hub in Arizona, similar to the one in China’s Shenzhen, as part of efforts to bring high-tech manufacturing into the U.S. - a key ‘MAGA’ agenda of the Trump administration.
He plans to invest up to $165 billion in the U.S. through a partnership with foundry Taiwan Semiconductor Manufacturing Co., Ltd. (TSM).
Son’s succession plans come amid another major shift in the investment world: billionaire Warren Buffett has officially named Greg Abel as his successor at Berkshire Hathaway, with Abel set to take the reins from the 94-year-old legend starting next year.
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