SoftBank's Son to remain at helm for five to 10 years

SoftBank Group Corp. CEO and Chairman Masayoshi Son said Wednesday he will continue to lead the telecom giant for five to 10 more years, saying there are things he still wants to do. The remarks come a day after SoftBank abruptly announced the company's group president, Nikesh Arora, whom Son had chosen as his successor two years earlier, would be stepping down from the post after Wednesday's annual shareholders meeting. "I was planning to invite SoftBank executives and my friends to my 60th birthday party and just when we would make a toast, I wanted to announce that I would pass the torch on to Nikesh from the next day," Son, 58, said during the meeting in Tokyo. Arora wanted to take the helm in a few years but, "I've made a commitment to lead the company at least five more years or maybe 10 more years," said Son, adding he feels "deeply sorry" about changing his plans and causing trouble for Arora. For his part, Arora told shareholders, "This is a decision I respect and even support because he is too young in his heart and his mind to not continue to lead this great company."