Tadashi Yanai resigns from SoftBank

Uniqlo founder Tadashi Yanai has resigned from the board of SoftBank. SoftBank says that Yanai's decision to step down from the board is so he can focus on his fashion business.

Yanai was one of the only three external members of the board which was dominated by SoftBank executives and heads of its portfolio companies. Yanai's resignation comes fresh off the heels of SoftBank's failed attempt at getting WeWork's IPO off the ground, with SoftBank CEO Masayoshi Son saying that he misjudged former WeWork CEO Adam Neumann's character.

The lack of independent voices of SoftBank's board and those not willing to criticize Son are seen as a hindrance for the company. Yanai was one of the few voices known for dissenting with Son. SoftBank saw its first loss in 14 years this year, with the blame being put on the WeWork deal and Son's judgement.

Yanai is expected to have a successor on the board, but one has not been named. The two other independent directors on SoftBank’s board are Masami Iijima, chairman of trading house Mitsui & Co, and professor Yutaka Matsuo from the University of Tokyo, an artificial intelligence expert.