(Bloomberg) — SoftBank Group Corp. named venture capitalist David Chao to join its board as the Japanese tech investor tries to regain its footing from money-losing investments.
Chao is a co-founder and general partner at DCM, a venture capital firm with over $4 billion under management. The firm has invested in more than 400 tech companies in the U.S. and Asia since 1996, according to its website. Chao will replace Lip-Bu Tan whose term will end in June as an outside director, SoftBank said in a filing.
Chao also co-founded telecoms services firm Japan Communications Inc. and was previously an account executive at Recruit Holdings Co., Japan’s largest human resources ad agency.
SoftBank reported a record annual loss at its Vision Fund unit earlier this month, amid a selloff in tech shares that deflated the value of its portfolio companies. The company is reining in spending and trying to save its fire power for a few promising bets, its founder Masayoshi Son has said.
SoftBank plans to re-elect the remaining eight members of the board while Chao’s appointment will be subject to approval at the upcoming annual general meeting of shareholders on Jun. 24.
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