Tadashi Yanai, founder and chief executive officer (CEO) of Uniqlo’s parent Fast Retailing will resign as independent board member in December end after 18 years to focus on his fashion business. Yanai is one of only three external members of a board filled with SoftBank executives and heads of its portfolio companies.
The resignation comes at a time when SoftBank is battling with the fallout from the failed initial public offer of WeWork. Yanai has been a long-time ally of SoftBank founder and CEO Masayoshi Son and was known for being willing to voice his dissent at some of Son’s decisions.
According to the company’s website, they said, “SoftBank Group Corp. (“SBG”) announces that Tadashi Yanai will resign from the position of External Board Director of SBG with the resignation taking effect on December 31, 2019.”