SoftBank’s Rajeev Misra steps down as corporate officer on record loss

SoftBank Group Corp. said Rajeev Misra is stepping down from his roles as a corporate officer and executive vice president, after a slide in technology stocks resulted in a record loss at the Japanese investment group.

The 60-year-old will retain his post as head of SoftBank Investment Advisers, which helps oversee the first Vision Fund’s existing investments, SoftBank said in a statement on Wednesday. SoftBank founder Masayoshi Son has said he will take over the management of new investments under the second Vision Fund.

A key lieutenant to Son, Misra is stepping back from his main roles at SoftBank and has secured more than $6 billion to launch his own fund, Bloomberg News reported last month.

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