Insiders

Softbank CEO Son says 'very supportive' of Alibaba's partnership

September 26, 2013 at 10:16 pm EDT

MarketScreener.com By The editorial team

Softbank CEO Son says 'very supportive' of Alibaba's partnership

HONG KONG/TOKYO (Reuters) - Softbank Corp CEO Masayoshi Son said on Friday the company fully supports a partnership system in Chinese e-commerce giant Alibaba Group Holding Ltd.

The group of 28 partners in Alibaba include the company's founder Jack Ma, some of Alibaba's senior managers and other insiders.

Alibaba, which is preparing for an initial public offering valued at up to $15 billion, is looking to keep top management decisions within the partner group by giving it the right to nominate a majority of board members in the company.

"Alibaba has built a phenomenal business and created tremendous value for its shareholders over the years," Son said in a statement.

"We are therefore very supportive of the Alibaba partnership structure," he added.

(Reporting by Elzio Barreto in Hong Kong and Mari Saito in Tokyo; Editing by Paul Tait)

Stocks treated in this article : Yahoo! Inc., Softbank Corp

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
YAHOO !	55.09 USD	+2.38%	+4.67%	10.2B
SOFTBANK GROUP CORP.	7,518 JPY	+0.09%	-9.66%	71.14B
SOFTBANK CORP.	1,848 JPY	+0.63%	-0.70%	56.35B
ARM HOLDINGS PLC	96.07 USD	+3.18%	-21.40%	95.72B

Masayoshi Son

Mr. Masayoshi Son is a Chairman at Supercell Oy, a Chairman & Chief Executive Officer at SoftBank Group Corp., a Chairman & Chief Executive Officer at SB Investment Advisers (UK) Ltd. and a President & Representative Director at Wireless City Planning, Inc. He is on the Board of Directors at Arm Ltd. (United Kingdom), SoftBank Group Japan KK, SoftBank Corp. and Wireless City Planning, Inc. Mr. Son was previously employed as a Chairman by SVF Holdco (UK) Ltd., a President, CEO & Representative Director by Softbank Telecom Corp., a President, CEO & Representative Director by SOFTBANK BB Corp., a Chairman by Brightstar International Corp., a Principal by MIC America LLC, a President & Director by SoftBank Holdings, Inc., and a Member by Son Asset Management LLC. He also served on the board at Sprint Corp., Alibaba Group Holding Ltd. and Z Holdings Corp. He received his undergraduate degree from the University of California, Berkeley.

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SOFTBANK GROUP CORP.	Chief Executive Officer
Arm Ltd. (United Kingdom) Arm Ltd. (United Kingdom) SemiconductorsElectronic Technology Arm Ltd. engages in the licensing, marketing, and research and development of microprocessors, system intellectual property (IP), graphics processors, physical IP and associated systems IP, software and tools. Its products include Pelion IoT platform, Mbed OS, IoT SoC, and Kigen SIM. The company was founded by Michael Peter Muller in November 1990 and is headquartered in Cambridge, the United Kingdom.	Chairman

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SOFTBANK GROUP CORP.

Chief Executive Officer