Former Google Executive, Nikesh Arora made an exit by resigning from the Softbank on Tuesday (Dtd.21.06.2016) which came out to be a shocking and surprising news to the officials and the people out there. Mr. Arora joined Softbank in the year 2014 as the vice- chairman and in 2015 he became the President and Chief operating officer of the concern. According to the reports, he was expected to succeed Masayoshi Son.
Nikesh Arora was paid the highest as Google Executive in 2012 and even as an investor in Softbank. Estimates furnish that he received almost $200 million over the last two years as compensation, considering the fact that he sold $500 million worth Softbank shares to Son on a small scale of loss.
Yoshihiko Tabei, chief analyst at Naito Securities said, “Considering his high compensation he hadn’t been able to produce results, so his departure would be accepted by investors”.
According to the reports from the sources, Softbank announced this Tuesday that it is to sell its majority stake in “ Clash of Clans” to China’s Tencent Holdings.
During Nikesh Arora’s Tenure, Softbank was very well able to make its mark by picking up its stake in India’s 5 promising start up’s namely, Housing, Oyo Rooms, Ola, Snapdeal and Grofers. The total sum of investment with these started is estimated to be around $1.5 million. From his Twitter account on the social networking site he tweeted, “Going to continue to support the Indian startup ecosystem… can’t change faith if you change jobs :)”.
So what after the departure from the Softbank..??
Well…. He is likely to be engaged with Ola and as an advisor from 1st July. Ola is one of the leading taxi aggregater in the prominent cities. Ola co-founder and chief executive Bhavish Aggarwal on Tuesday said “I look forward to engaging with him (Arora) in his role as an advisor to SoftBank in the time ahead”.
During Arora’s tenure with Tokyo- based global technology Softbank, they had invested in Ola which was set up in Mumbai and on that note: Aggarwal believed and said, “Since SoftBank has played a key role in Ola’s growth story as an investor, we will leverage its vast network and expertise it brings to us as partners, in our mission of building mobility for a billion Indians”.
Arora played a key role in bringing financial stability in the Softbank. He is and has always been credited for his bold moves to India’s fastest growing tech space. Ikuo Mitsui, a fund manager at Aizawa Securities mentioned,
“Mr. Arora did achieve, in terms of finding investment targets that bring returns faster,”.
But then he also said, “They’ve stemmed the bleeding at Sprint but they’ve yet to achieve growth. So that’s worrying”.
After the exit, Arora engaged and exchanged words with the Twitterati letting them ask questions, whatever they felt like. He even took a time to answer the queries of the audience.