- SoftBank Group Corp (OTC:SFTBF) (OTC:SFTBY) COO Marcelo Claure is in advanced negotiations to depart after clashing with founder Masayoshi Son over his compensation and responsibilities, Bloomberg reports.
- Claure agreed to sell a majority stake in his cellphone distributor to SoftBank in 2013, becoming one of Son’s top lieutenants and a billionaire in the process.
- Still, Claure, who was SoftBank’s second-highest paid executive in the latest financial year, has often pushed for much more money and authority.
- The report adds that Claure pressed for as much as $1 billion in compensation because of his contributions, including the turnaround and sale of Sprint Corp and the listing of troubled WeWork Inc (NYSE:WE).
- Claure also advocated for a spinoff of the Latin American investment fund he oversees for SoftBank.
- Son saw little merit in a spinoff for SoftBank shareholders and thought it would complicate management and governance.
- In the past, Claure floated the idea of resigning without actually doing so. The report adds that negotiations are ongoing, and the COO could still decide to remain at SoftBank.
- Price Action: SFTBF shares traded lower by 8.17% at $41.38 on the last check Thursday.
