Japan-based SoftBank’s Vision Fund’s chief operating officer Ruwan Weerasekera has retired, a spokesperson from the bank told the media. SoftBank also confirmed that other high-level executives have also decided to step down from their post recently.
Neil Hadley, who serves as the chief of staff to SoftBank’s Vision Fund chief executive officer Rajeev Misra, will also take over as the chief operating officer, in addition to his current responsibilities. Other exits include Penny Bodle, a partner who headed investor relations, operating partner Avi Golan, investing partners Ted Fike and Justin Wilson among others.
Earlier this year, SoftBank posted record-breaking losses of around $18 billion. The loss is attributed to Vision Fund’s investments in WeWork and Uber. The coronavirus pandemic has affected its business to a certain extent. Last month, SoftBank’s Vision Fund was planning to launch a new blank-check company.
The target size of the blank check company is yet to be determined. Many believe the purpose of the blank-check venture, which is known as special purpose acquisition companies (SPACs), is to combine the Vision Fund’s expertise in tech startups with SoftBank’s new emphasis on public stock trading.
SoftBank’s Vision Fund is known for its investments in startups with potential in emerging markets across the globe. It is reported that SoftBank and KDDI have joined forces and they are planning to invest around $38 billion to develop 5G wireless networks in Japan over the next 10 years. Currently, Japan’s 5G network coverage is limited and it is available in cities like Tokyo.