SoftBank Group Corp. said late Sunday, Eastern time, that longtime board member Jack Ma has resigned, and the company will add to its share-buyback program. Ma, the co-founder of Alibaba , has long been an ally of SoftBank founder Masayoshi Son on the Japanese conglomerate's board of directors. In a statement, SoftBank said it will propose three new board members at its annual meeting June 25. The company also said it plans to repurchase as much as 500 billion yen ($4.7 billion) worth of its own stock by March 2021. That's in addition to a $41 billion buyback announced in March. SoftBank has invested heavily in startups around the world, and the buybacks come amid growing concern that many of those startups will suffer serious financial losses due to the global recession brought on by the coronavirus lockdown.
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