SoftBank President Nikesh Arora to step down over CEO post

SoftBank President and COO Nikesh Arora on Tuesday said he will step down from the firm on June 22, a day after a special committee found allegations against Arora in a purported shareholder demand "without merit".

SoftBank in a release said Arora will take on advisory role in the Group from July 1. 

Arora said he can't be "CEO-in-waiting past his sell-by date" as the current chief Masayoshi Son wanted to continue for 5-10 years more.

The 48-year-old former Chief Business Officer at Google decided to call it a day as his 58-year-old boss Son said he was planning to quit at the age of 60 but felt he was "still a bit too young".

Arora, who has been instrumental in SoftBank's investments in Indian entities like Snapdeal, Ola, Grofers, Housing.com and Oyo Rooms, said he intends to focus more on Indian start-up ecosystem going forward.

Japanese MNC SoftBank said Masayoshi Son will continue as Chairman and CEO. Nikesh joined Google in 2004 and resigned as senior VP and chief businesss officer of the company in 2014.

Arora conveyed his decision in a series of tweets.