SoftBank CFO’s pay fell nearly 40% after the company’s VC fund lost $26.2 billion, a report says

• SoftBank’s CFO, Yoshimitsu Goto, made 40% less in the year ending March 31, 2022, per Bloomberg.

• Another top SoftBank exec, Ken Miyauchi, took a 15% pay cut.

• The cuts came as SoftBank recorded a shattering $26.2 billion loss this year.

Yoshimitsu Goto, the chief financial officer of Japanese conglomerate SoftBank, took a nearly 40% pay cut for the fiscal year ending March 31, 2022 compared with the previous year, Bloomberg reported.

The pay cut meant that Goto received 293 million yen, or $2.3 million in compensation, according to the outlet.

The company’s head of domestic telecoms operations, Ken Miyauchi, made 539 million yen, down 15% from the previous year, per Bloomberg. The company reported the changes in pay levels in its AGM report filing to the Tokyo Stock Exchange.

In 2021, Goto made 480 million yen, as the company recorded a record net income of nearly 5 trillion yen, according to The Japan Times. Since then, however, SoftBank has waded into challenging financial waters as the tech industry has taken a downwards turn.

Masayoshi Son, founder and CEO of SoftBank, took home roughly the same salary of 100 million yen as in the previous year, Bloomberg reported. Son has an estimated net worth of $22.5 billion, according to Forbes, and holds SoftBank shares equivalent to an approximate one-third stake, per the Financial Times.

Earlier this month, the company posted a loss of nearly $27 billion in its Vision Funds, venture capital funding focused on tech investments.

SoftBank has stakes in almost 450 startups in its Vision Funds and Latin America fund, and has relied on its reputation as a savvy investor in new technology innovations. But several of its heavyweight public holdings, like DoorDash and Uber, have taken a hit as the tech industry faces a stock selloff and economic downturn.

SoftBank has also suffered from the implosion of an anticipated $40 billion sale of UK chip designer Arm in February.

Analysts previously told Insider that SoftBank’s extensive holdings in Chinese companies, which make up around 20% of the Vision Fund, may be at risk if China’s tech regulatory crackdown continues.

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Insider approached Goto and Miyauchi for comment but did not immediately receive a response.

SoftBank spokesperson Kotera Hiroe told Insider: “The compensation of the Board of directors over 100 million yen are disclosed in the notice. Individual reasons regarding the increase and decrease in compensation are not disclosed.”

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