Four top SoftBank executives, including Rajeev Misra and Marcelo Claure, are sitting on a potential collective gain of as much as $1.2bn after receiving unusual loans from the company last year to buy its shares, reports the FinancialTimes.
The four were granted the loans, worth around $600m, as part of their incentive packages, approved in February of last year. Having used the money to buy the shares, the one-year lock-up clause, restricting the sale of some of those shares, is set to expire next month, giving the lieutenants of SoftBank’s founder, Masayoshi Son, the option to begin cashing in on the gains.
Misra, who runs Softbank’s Vision Fund, and Claure, Softbank’s chief operating officer, could each be sitting on paper gains worth $500m each. They are already among the best-paid executives in Japan, having earned $15m and $19.6m respectively last year.
Charles Scharf, chief executive of American bank Wells Fargo & Co, saw his pay fall by around $3m, or 12%, in 2020, says Reuters. He will receive $20.3m in total for the year, compared with $23m in 2019, the year Scharf took over the reins having served as a top lieutenant to JPMorgan Chase and Co’s chief executive Jamie Dimon during the financial crisis of 2008.
Wells Fargo blamed poorer results in 2020 due to the pandemic for the drop in his pay.