TOKYO (Reuters) – (This May 29 story corrects Mizuho borrowing to 912 million, not 1.39 trillion yen, in paragraph 6 and borrowing from the three big Japanese banks to almost 2 trillion yen, not 2.45 trillion yen, in paragraph 7 after SoftBank issues corrected filing)
SoftBank Vision Fund’s head, Rajeev Misra, saw his total pay for the past business year more than double to 1.6 billion yen ($15 million), even as the fund’s underperformance pushed SoftBank to a record $13 billion operating loss.
The figure was second only to remuneration for SoftBank Group Corp (9984.T) Chief Operating Officer Marcelo Claure, which rose 17% to 2.1 billion yen.
While offering big pay packets to foreign executives, compensation for CEO Masayoshi Son was 209 million yen, a 9% decline compared to a year earlier, a SoftBank filing showed.
SoftBank’s massive annual operating loss was largely due to an $18 billion shortfall at the $100 billion Vision Fund, which has seen investments in startups like office sharing firm WeWork and ride-hailing app operator Uber Technologies Inc (UBER.N) flounder.
A key architect of the disastrous WeWork investment, vice chairman Ron Fisher who was the group’s most highly paid executive in the previous business year, saw his remuneration slashed 80% to 680 million yen. COO Claure has become WeWork’s executive chairman as SoftBank restructures the startup.
The heavily indebted tech conglomerate’s growing dependence on Japan’s big three banks was underscored by the filing – with borrowing from top lender Mizuho Financial Group (8411.T) climbing more than 50% to 912 million yen in the year ended March.