TOKYO - The head of SoftBank Group's Vision Fund received a substantial increase in compensation even as the investment business delivered a record loss.
Rajeev Misra earned 1.61 billion yen in the year ended March 31, more than double his pay a year earlier, SoftBank said in a statement on Friday . The Vision Fund lost 1.9 trillion yen in the period, triggering the worst loss ever in the Japanese company's 39-year history. SoftBank had to write down the valuations of companies like WeWork and Uber Technologies, because of business missteps and the coronavirus fallout. Its return on the fund was negative 6 per cent, compared with 62 per cent just a year ago.
Still, Misra was SoftBank's second-highest paid executive last year after chief operating officer Marcelo Claure. Founder Masayoshi Son took a 9 per cent pay cut, earning 209 million yen. Claure, who helped close Sprint Corp's merger with T-Mobile US Inc and is leading the effort to turn around WeWork, made 2.11 billion yen, a 17 per cent raise. Chief strategy officer Katsunori Sago earned 1.11 billion yen, a 13 per cent increase for the former Goldman Sachs Group executive. Ronald Fisher, Son's long-time lieutenant and SoftBank Group vice chairman, saw his pay plunge 79 per cent to 680 million yen.
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