The Japanese conglomerate will be changing its company name to SoftBank Group Corp to consolidate all its current assets, including SoftBank Mobile, Yahoo Japan Corporation, and Alibaba Group Holding Limited under the same roof.
Softbank has also named Nikesh Arora, currently vice chairman of SoftBank, as the representative director and president & COO effective June 19, 2015.
Masayoshi Son will continue to be chairman and CEO of SoftBank, while Ken Miyauchi is president & CEO of SoftBank Mobile Corp., the domestic telecom business, the company said in a statement.
“Many tech companies face a decline after thirty years due to evolving technologies, changing business models and overreliance on founders. To create a sustainable growth business for centuries to come, we must transform our current operating assets and take a systematic approach to supporting our group of disruptive entrepreneurs,” Son said in the statement.
“As president of SoftBank Group, Nikesh will work with me to drive the transformation of SoftBank as it enters a new phase.”