SoftBank President Nikesh Arora steps down

Japanese conglomerate SoftBank Group Corp. President Nikesh Arora to step down from his post before the end of the tenure, to pursue a different path.

Arora announced his exit on social networking site. "Masa 2 continue 2 be CEO for 5-10 years, respect that. Learnt a lot. Clean chit from board after through review. Time for me to move on", Arora tweeted.

Masa 2 continue 2 be CEO for 5-10 years, respect that. Learnt a lot. Clean chit from board after through review. Time for me to move on.

— Nikesh Arora (@nikesharora) June 21, 2016

On Tuesday, the bank said that the allegations levelled by some shareholders against Arora, including those questioning his conduct and qualifications, have been found to be "without merit".

Earlier this year, allegations had been raised in a number of letters from a law firm that claimed to represent the interests of certain unidentified SoftBank Group (SBG) and Sprint Corporation shareholders.

The letter called on the board to investigate and possibly dismiss the India-born executive, the second in command at SoftBank, questioning his trackrecord and qualifications as President and heir apparent to billionaire founder, Masayoshi Son.

A Special Committee (SC) of independent members of its board of directors has completed its review of allegations regarding SBG President and COO Nikesh Arora in a purported shareholder demand, SoftBank said in a statement.

"The SC has concluded that the claims concerning the conduct of Arora during his tenure at SBG are without merit," it added.

Announcing his exit, further Arora tweeted, "I am not sad. I learnt a lot, sitting with Masa at dinner and chatting about life in the future.

I am not sad. I learnt a lot, sitting with Masa at dinner and chatting about life in the future. https://t.co/6TW1k6d6Nh

— Nikesh Arora (@nikesharora) June 21, 2016

Arora had joined SoftBank as its Vice-Chairman and CEO of SB Group US -- previously SoftBank Internet and Media Inc -- in September 2014 from search giant Google.

In May last year, the Banaras Hindu University-graduate was elevated to President and COO, the first time in 35-year history of SoftBank that anyone was given the president title.

Arora was one of the highest-paid business leaders globally.  He received a pay package of about USD 73 million (Rs 500 crore) in the fiscal year ended March 2016.

(With PTI inputs)