SoftBank President Nikesh Arora said he will step down just 13 months after CEO Masayoshi Son essentially designated him as Son's successor.
Sprint parent SoftBank confirmed it will sell at least $7.9 billion of its stake in Alibaba to bolster its finances as its U.S. carrier continues to struggle.
SoftBank founder Masayoshi Son credited Sprint's dramatic budget cuts as helping raise SoftBank's operating profit by 8.8 percent in its recently completed fiscal year. But doubts about the U.S. carrier's ability to weather a brutal financial storm linger.
Japan's SoftBank said it would separate its domestic wireless business from its majority stake in Sprint and other overseas businesses.
Sprint Chairman Masayoshi Son plans to create a subsidiary of SoftBank that will accept some of the carrier's network gear and spectrum as collateral for billions in loans this year, as outlined in a new report from Bloomberg.
Sprint "is showing definitive signs of a turnaround," SoftBank Chairman Masayoshi Son said, according to Bloomberg. And its budget will continue to get leaner.
Sprint's struggles are beginning to take a toll on parent company SoftBank.
Sprint plans to cut thousands of more jobs as part of its effort to slash at least $2 billion in operating expenses from the business, according to Sprint Chairman and SoftBank CEO Masayoshi Son. Sprint CEO Marcelo Claure said he has been very direct with employees about the need to slash costs in a bid to get back to profitability, something Sprint hasn't really achieved in 11 years.
Sprint CEO Marcelo Claure and Chairman Masayoshi Son have spent the last month and a half proclaiming that they have faith in Sprint and its turnaround efforts, with SoftBank snapping up shares in a show of confidence. However, some in the investment community are not as sure, and Moody's Investors Service downgraded its credit ratings on Sprint, saying that the carrier is not doing enough to right itself.
LAS VEGAS-- Sprint CEO Marcelo Claure said that the carrier's recent improvement of its network in Denver-- and network testing firm RootMetrics' determination that it provided the fastest network there and virtually tied Verizon Wireless for overall network performance – is a sign of things to come as the carrier revamps its network.