SoftBank's Masayoshi Son to step down as chairman of telecom unit

Junichi Miyakawa takes the helm as the industry faces unprecedented political pressure to cut fees, potentially eating into fat margins in its core business.

SoftBank Corp, Japan's third-largest telco, said on Tuesday Chief Technology Officer Junichi Miyakawa would become its chief executive officer, effective April 1.
 
The change at the top of one of SoftBank Group Corp's largest assets comes after two years of deliberation, with the telco emphasising the need to “pass on the strengths of its current management system to future generations”. The rotation is likely to lead to speculation over SoftBank Group CEO Masayoshi Son’s own succession plans. The 63-year-old billionaire abandoned a previous plan to hand over the reins and went on to launch the $100 billion Vision Fund.