SoftBank's Masayoshi Son Hints at Succession Plans While Doubling Down on AI Ambitions

SoftBank chief Masayoshi Son hints at succession plans

SoftBank founder Masayoshi Son has dropped his biggest hint yet about the future leadership of the technology conglomerate he started more than 40 years ago and through which he has placed massive bets on the future of artificial intelligence. Son, who indicated he had the drive to stay in charge for another 10 years, said his successor was someone already working beside him within SoftBank. "Deciding when to declare these two, three or four people are candidates is a matter of timing, and I wouldn't want them getting overconfident or acting entitled. I also still have the desire to stay on a bit longer, so it's about managing that delicate balance," said Son at the group's annual meeting in Tokyo on Friday. "If I ever feel that I'm actually becoming an obstacle to the company's growth, then of course I think I should hand over leadership to the next person," he said. Son then referred to Junichi Miyakawa, the head of SoftBank Corp, the group's listed telecoms unit, as someone doing an "extremely good job" and in whom he placed great trust. People close to the group denied it was an indication that Miyakawa was in line for the top job. Instead, they said he was given as an example of how Son had already entrusted someone with one key part of the business. The question of who will take over from the SoftBank founder has long been key to investors. Son has gone through numerous lieutenants over the years whom many analysts and investors had assumed to be in the running for the top job. They include Rajeev Misra, who led the group's tech-focused Vision Funds; former Sprint chief executive Marcelo Claure; and Katsunori Sago, chief strategy officer and former Goldman Sachs executive. Nikesh Arora, a former Google executive, was another of Son's potential heirs who walked away from the group after the SoftBank founder decided to remain in place. SoftBank Group's shares closed up 2.5 per cent on Friday as the benchmark Nikkei 225 index rose 1.5 per cent. Son has been raising his bets on AI over the past few years, buying start-ups and companies that can sit alongside chip designer Arm within SoftBank's portfolio. The group is also looking to invest ever larger sums to deploy into infrastructure. Son has already pledged to raise $100bn for the Stargate project to scale up US data centres and AI infrastructure with Oracle, Abu Dhabi's MGX and OpenAI, into which he has also invested large sums of money. "In a few years' time, OpenAI is ready for an IPO and the structure for them to become a listed company is being discussed and prepared," Son said on Friday. The SoftBank chief is also pushing the idea of a vast $1tn AI and robotics complex in the US state of Arizona that could include the establishment of a free-trade zone and the involvement of the world's biggest chipmaker, Taiwan Semiconductor Manufacturing Co.

Masayoshi Son hints at succession plan while chasing AI ambition

Son said he plans to hold SoftBank's reins another ten years, but added he has several candidates for its next chief in mind from within the technology group. The candidates work alongside the billionaire every day, although he hasn't disclosed who they are to anyone, the 67-year-old said during a general shareholders' meeting in Tokyo on Friday. Masayoshi Son acknowledged the outlines of a succession plan at SoftBank Group Corp., addressing what may be investors' single biggest concern regarding the long-term future of the Japanese company. Son said he plans to hold SoftBank's reins another ten years, but added he has several candidates for its next chief in mind from within the technology group. The candidates work alongside the billionaire every day, although he hasn't disclosed who they are to anyone, the 67-year-old said during a general shareholders' meeting in Tokyo on Friday. Son fielded repeated questions from shareholders worried about a SoftBank without its charismatic leader or a succession plan. The chief executive officer responded that he's healthy and intends to continue to lead and aim to realize an era where artificial intelligence is pervasive in society. "I look forward to seeing a successor grow as quickly as possible so that I can appoint them, but I still have some passion left and want to keep at this," he said. Son added, however, that he's mentally prepared to hand over the reins at any time, should he stand in the way of SoftBank's growth. He mentioned the head of telecom unit, Junichi Miyakawa, who is in charge of rolling out AI infrastructure within Japan and widely seen as an example of how others in the company can lead as Son shifts his focus elsewhere. Miyakawa is doing "an extremely solid job," Son said. "I feel very pleased, encouraged and reassured by his efforts. As a result, I have almost never felt the need to interfere in what he does. I trust him." SoftBank's shares rose to close up 2.5%, buoyed by a broader rally that boosted the Nikkei Stock Average. Past lieutenants who have been officially or unofficially in the running to be Son's successor have included Nikesh Arora, Marcelo Claure and Katsunori Sago. All have left SoftBank. One shareholder even asked if AI would either extend Son's lifespan or make it possible for Son to somehow remotely control the company from beyond the grave. Son responded by saying that while he intends to use AI "more than anyone," he didn't see it replacing him. The annual shareholders' meeting has long been a platform for Son to share his vision of a future of tech-driven progress. Many investors have hung onto his words and their shares from before the dot-com boom and bust. Shareholders asked about SoftBank's ability to finance big bets such as the Stargate data center projects, and Son's ability to deliver on his goals to lead in an age of AI. One such project is a partnership with Taiwan Semiconductor Manufacturing Co. to build a large AI manufacturing hub in Arizona, Bloomberg reported earlier. Son said he's now cornered key artificial intelligence chip architecture and seeks to become the world's top platform by the time AI surpasses human abilities -- or what he and other AI proponents call artificial super-intelligence. "We want to become the world's top platformer for ASI," he said, adding that it'll be a winner-take-all arena. SoftBank controls chip designer Arm Holdings Plc and plans to invest as much as $30 billion in ChatGPT maker OpenAI. "These are indispensable for ASI," he said, noting also that SoftBank has acquired Graphcore Ltd. and has plans to buy Ampere Computing LLC. "I'm all in."

Masayoshi Son hints at succession plan while chasing AI ambition

Masayoshi Son acknowledged the outlines of a succession plan, addressing what may be the single biggest concern among investors, and name-checked the head of SoftBank's telecom unit Junichi Miyakawa. Son said he plans to hold SoftBank's reins another 10 years, but added he has several candidates for its next chief in mind from within the Japanese technology group, speaking during a general shareholders' meeting in Tokyo on Friday. The candidates work alongside the billionaire every day, although he hasn't disclosed who they are to anyone, the 67-year-old said. While saying that he is healthy and intends to lead, Son added, "If I should become a barrier to growth, SoftBank should move to its next phase." He then listed Miyakawa -- who is now in charge of rolling out artificial intelligence (AI) infrastructure within Japan -- as someone who's doing "an extremely solid job."