Alibaba Group Announces Resignation Of Director - Quick Facts

(RTTNews) - Alibaba Group Holding Limited (BABA) announced that Masayoshi Son, a director nominated by Softbank Group Corp. (SFTBY.PK, SFTBF.PK), has notified the Board that he intends to resign, effective June 25, 2020. Under the Articles of Association of Alibaba Group Holding, SoftBank will remain entitled to nominate one director for election to the Board.

Earlier on Thursday, SoftBank Group Corp. announced the company's Board has approved the formation of a new Nominating & Compensation Committee which will be comprised of a majority of independent directors. Masayoshi Son will also serve on the committee.