SoftBank Vision Fund boss Rajeev Misra sees pay double to $15 million
Rajeev Misra, CEO of SoftBank Investment Advisers.
Rajeev Misra, CEO of the SoftBank Vision Fund, is expected to receive 1.61 billion Japanese yen ($ 15 million) this year, according to a notice SoftBank sent to its shareholders on Friday, cited by several reports from the Japan.
The total package is 113% more than Misra received in the last fiscal year, when it won around $ 7 million.
Misra’s base salary for the year now stands at 1.42 billion yen ($ 13.2 million), with the rest described as “other” salary.
This means that the former debt trader of Deutsche Bank is the second highest paid SoftBank employee, behind Marcelo Claure, the former president of the American telecommunications company Sprint, who receives $ 19.6 million. SoftBank founder and billionaire CEO Masayoshi Son saw his salary drop 9% to $ 1.9 million.
Misra’s salary spike contrasts with the financial performance of the technology investment company he heads, which aims to deploy more than $ 200 billion in rapidly growing start-ups.
The Vision Fund announced a record loss of $ 17.7 billion earlier this month after huge bets on companies like Uber and WeWork have deteriorated. SoftBank reduced WeWork’s valuation from $ 47 billion a year ago to $ 2.9 billion, while Uber’s valuation also plummeted by more than $ 10 billion last year.
We are now wondering if SoftBank’s $ 108 billion Vision 2 Fund will go as planned. Son said he would not try to raise capital from other companies and individuals until the Vision Fund 1 companies started to perform better.
The notice to shareholders also gave an overview of the growth in the workforce of the Vision Fund, the number of employees going from 297 a year ago to 454.
SoftBank did not immediately respond to a request for comment from CNBC.