Alibaba Co-Founder Jack Ma Resigns From SoftBank Board

SoftBank Group Corp said on Monday that Alibaba co-founder Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son.

The departure of Mr Ma, who retired as Alibaba's executive chairman in September, comes as he pulls back from formal business roles to focus on philanthropy.

SoftBank will propose three new appointments to the board, including group chief financial officer Yoshimoto Goto, at its annual general meeting on June 25. The number of board members will expand to 13.