SoftBank Group Corp is launching a $100 million fund to invest in 'companies led by founders and entrepreneurs of color', in the latest corporate action as protests roil the United States.
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo GLOBAL BUSINESS WEEK AHEAD
Described as SoftBank’s bid to improve diversity, “we have to put money behind it, set plans, and hold ourselves accountable,” SoftBank’s Chief Operating Officer Marcelo Claure, who will head the fund, wrote in a letter to employees on Wednesday. In addition to leading restructuring at floundering office space startup WeWork, Claure runs a fund investing in Latin America. He and Misra are seen as potential successors to Chief Executive Masayoshi Son.
SoftBank’s management is overwhelmingly male, with the company planning to nominate its first female board director at a shareholder meeting later this month.
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