SoftBank’s executives see pay cut following PIF-backed Vision Fund’s loss

RIYADH: SoftBank Group’s executives have seen a sharp cut in their pay, following the lenders’ loss from the Saudi Public Investment Fund-backed Vision Fund unit, Bloomberg reported.

The bank’s founder and CEO Masayoshi Son’s pay was unchanged, however some top executives have seen big drops in their compensation, Bloomberg reported, citing a filing. 

The Chief Financial Officer Yoshimitsu Goto’s payment fell by 40 percent compared to last year, while Ken Miyauchi, chief of SoftBank’s domestic telecom operation, saw a 15 percent decline in his compensation.

This comes following the Vision Fund historic $20.5 billion loss.