SoftBank loses one of the few board members who could challenge Masayoshi Son

Tadashi Yanai, Japan’s richest man, is leaving SoftBank Group Corp.’s board after more than 18 years as one of the few directors with the heft to challenge Chief Executive and Chairman Masayoshi Son.

Yanai, who founded fashion chain Uniqlo and is CEO of Fast Retailing Co., will step down from SoftBank’s board Tuesday, according to SoftBank. He is leaving the post to focus on running his own business, SoftBank spokeswoman Hiroe Kotera said. He has served as a SoftBank board member since June 2001.

With this departure, SoftBank investors are losing one of the few board members capable of standing up to Son. The 70-year-old Yanai has been reported as a rare voice of dissent when it came to Son’s ambitious and risky acquisitions. The two men, whose respective companies both went public in the same month of 1994, have often engaged in jocular sparring at SoftBank annual shareholder meetings.

At a meeting in June, Son shared some predictions that were eye-popping even by the standards of the outspoken Japanese billionaire. The value of SoftBank’s investment portfolio could grow 33-fold to $1.8 trillion in 20 years, he said. The remarks drew laughs from directors while Yanai feigned outrage, urging shareholders to look out for Son “or he will go out of control.

Still, SoftBank’s shares are set to end the year with a 30% gain, and Son appears unfazed by the setbacks. The 62-year-old is raising another mega-fund — the Vision Fund 2.

everything they do moving forward is going to be partially judged by WeWork. I can't wait to see the detailed accounting on that if it ever comes out.

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