SoftBank nominates venture capital veteran Chao to its board

SOFTBANK Group named venture capitalist David Chao to join its board as the Japanese tech investor tries to regain its footing from money-losing investments.

Chao is a co-founder and general partner at DCM, a venture capital firm with over US$4 billion under management. The firm has invested in more than 400 tech companies in the US and Asia since 1996, according to its website. Chao will replace Lip-Bu Tan whose term will end in June as an outside director, SoftBank said in a filing.

Chao also co-founded telecoms services firm Japan Communications and was previously an account executive at Recruit Holdings, Japan’s largest human resources ad agency. 

SoftBank reported a record annual loss at its Vision Fund unit earlier this month, amid a selloff in tech shares that deflated the value of its portfolio companies. The company is reining in spending and trying to save its firepower for a few promising bets, its founder Masayoshi Son has said.

SoftBank plans to re-elect the remaining 8 members of the board while Chao’s appointment will be subject to approval at the upcoming annual general meeting of shareholders on Jun 24. BLOOMBERG