Mere days after RBI governor Raghuram Rajan announced his decision, Nikesh Arora, one of the world's three highest-paid executives, surprised everyone by announcing the end of his tenure as president and chief operating officer of Japanese telecom SoftBank Group.
Arora, who drew a salary of $208 million, had a few months back said he would be associated with the investment powerhouse for the next 10 years. He even bought $483 million worth of shares of the company, to show his commitment. SoftBank chief Masayoshi Son has often liberally praised Arroa, saying he was "very lucky and happy" to have him. Arora reciprocated the feeling, calling Son a genius. However, the mutual love ended when Son announced in Tokyo he wouldn't retire at the age of 60 as planned. "I'll be forever young... I want to keep holding to the rudder more and more as the day of retirement approaches." Arora, known to be an openly aggressive person, responded by tweeting he didn't want to be a "CEO-in-waiting past his sell-by date".
However, there is much more to his departure than what's seen. Several shareholders had levelled allegations against Arora's qualifications and conduct, especially about certain investments they claimed to be a conflict of interest. A special committee of independent SBG board members was even set up to probe the charges. The committee exonerated him leading to speculation that a deal had been struck to let him go in exchange of a clean chit. However, some people are saying there is no connection between them and the timing was just an "unfortunate coincidence".
Arora will continue for another year with the company, as an advisor. During this time, he is expected to keep an eye on SBG's India investments.
