Alibaba’s Jack Ma resigns from SoftBank board

FILE PHOTO: SoftBank Group founder and CEO Masayoshi Son and Alibaba founder and former Chairman Jack Ma attend the Tokyo Forum 2019 in Tokyo, Japan, December 6, 2019. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters) – SoftBank Group Corp said on Monday that Alibaba co-founder Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son.

SoftBank said it will propose three new appointments to the board, including group CFO Yoshimoto Goto, at its annual general meeting on June 25.

The departure of Ma, who retired as Alibaba’s executive chairman in September, comes as he pulls back from formal business roles to focus on philanthropy.

SoftBank will also propose the election of Lip-Bu Tan, CEO of chip design software firm Cadence Design Systems, and Yuko Kawamoto, professor at Waseda Business School, to the board.

Reporting by Sam Nussey; Editing by Kim Coghill