Veteran stock picker to join 'Son-chan' on SoftBank board (updated)
24/05/2021 24:00
(Repeats story published earlier, no change to text)
By Sam Nussey
TOKYO, May 22 (Reuters) - The nomination of Koei Tecmo
3635.T chair Keiko Erikawa to SoftBank Group's 9984.T board
adds a veteran games industry executive known for her
stock-picking skill, bringing an authoritative voice after the
loss of senior industry figures.
Erikawa, 72, who with CEO husband Yoichi is the executive
team behind the "Romance of the Three Kingdoms" series, has had
a long relationship SoftBank CEO Masayoshi Son, referring to him
as "Son-chan" in a 2016 inteview, using a suffix showing
affection.
"Erikawa is not the sort of person who would hesitate to
express her views to Son. She speaks plainly," said Hideki
Yasuda, an analyst at Ace Research Institute.
The board changes https://www.reuters.com/article/us-softbank-group-corporate-governance/softbank-says-son-lieutenant-fisher-arm-ceo-to-leave-board-idUSKCN2D20JE
announced on Friday come after SoftBank lost two of Japan's
most vocal corporate leaders in recent years, Uniqlo parent Fast
Retailing 9983.T founder Tadashi Yanai and Nidec 6594.T
founder Shigenobu Nagamori.
That follows a shift by the 63-year-old Son from operating
companies to pure investing. The change is seen as suiting
Erikawa, who in addition to her management chops has built a
reputation for savvy investing in tech stocks.
SoftBank invests in listed stocks through its SB Northstar
trading unit as well as in late-stage startups via its Vision
Fund unit.
At March-end Koei had 113 billion yen ($1.04 billion) in
investment securities on its balance sheet, up from 71 billion
yen a year earlier.
"I am close to Son and sometimes compared to him as a famous
pro investor, but he's a specialist. I often joke I'm just doing
it on the side," Erikawa said in an interview with Nikkei
Veritas earlier this year.
A COVID-19 pandemic induced slump in portfolio company
valuations last year saw a period of alignment between SoftBank
and investors calling for change, with the group launching a $23
billion share buyback and reforming the board's structure.
Following the subsequent recovery in valuations, investors
fret that Son has less incentive to listen to external voices.
An outgoing board member, Waseda University business
professor Yuko Kawamoto, praised Son's willingness to listen to
others but called on the group to "develop an even better form
of governance that is genuinely representative of SBG and its
unique qualities."
($1 = 108.9400 yen)
(Reporting by Sam Nussey; Editing by Stephen Coates and Louise
Heavens)
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