Rajeev Misra steps down as co-chief of SoftBank Vision Fund
13 Nov 2024, 03:09 PMAlex Clavel will assume sole leadership as chief executive of both SoftBank Group Corp.’s Vision Fund and SoftBank Global Advisers.
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SoftBank said the co-CEO of Vision Fund, Rajeev Misra will be stepping down from his leadership roles at world’s largest venture capital fund SoftBank Group Corp.’s Vision Fund and SoftBank Global Advisers.
“He will no longer play a central role or be a member of management. That relationship will not continue,” said SoftBank chief financial officer Yoshimitsu Goto on an earnings call.
Alex Clavel will assume sole leadership as chief executive of both divisions.
In August 2022, Misra withdrew from his executive positions at SoftBank Group, when he stepped back from his roles as corporate officer and executive vice president of the parent company.
He had then set up a separate $6 billion fund called One Investment Management, with backing from Abu Dhabi, which he will continue to lead.
During his ten-year tenure at SoftBank, Misra’s Vision Fund also became known for several troubled investments including WeWork, dog-walking app Wag and Greensill Capital, while he also clashed with senior colleagues including Nikesh Arora and Marcelo Claure, both of whom eventually left the firm, reported Techcrunch.
In a separate news, the Japanese conglomerate SoftBank posted its first ever profit in the July-September quarter, driven by positive results in its Vision Fund investments. It reported a second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
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