SoftBank strategy chief makes exit after just three years

Tokyo

SOFTBANK Group Corp's chief strategy officer Katsunori Sago is making his exit after less than three years at the company, as other executives gain prominence at the Japanese investment conglomerate.

The Goldman Sachs veteran who joined SoftBank in June 2018 will resign on March 31, SoftBank said in a statement late on Friday. The Tokyo-based company was confirming an earlier report by Bloomberg News.

The 53-year-old is a key member of founder Masayoshi Son's inner circle and something of a celebrity in Japan's world of finance. Prior to joining SoftBank, Mr Sago spent more than two decades at Goldman Sachs Group Inc, rising to become vice chairman of its operations in the country. During a three-year stint at state-owned Japan Post Bank Co, he spearheaded a portfolio shift away from sovereign bonds.

But little is known about his work at SoftBank. The company has never clearly defined his role as CSO, a position that did not exist prior to his joining. Over the past few years, he has assembled a small team of former Goldman bankers and set up an investment department in April.

"Sago-san dedicated himself to a variety of projects by bringing a whole new perspective as SBG transforms into a strategic investment holding company," Mr Son said in the statement. "He played a crucial part in expanding SBG's potential as an investment company." Rumours about his departure began to circulate late last year as Mr Sago seemed increasingly adrift while other Son lieutenants began to take more prominent roles in public markets and startup investment. BLOOMBERG