SoftBank Group’s COO Jonathan Bullock has reportedly resigned from the boards of Ola (ANI Technologies Ltd.) and Snapdeal (Jasper Infotech Pvt Ltd.), while SoftBank MD David Thevenon is likely to replace him in both the Indian-based companies, reported LM.
“Please be informed that due to other obligations, I will no longer continue as a director of ANI Technologies Pvt Ltd and wish to be relieved of my duties and responsibilities with effect from January 16, 2017. Accordingly I hereby tender my resignation which may be accepted at the earliest,” Bullock said in one of the filings.
Besides resigning from Ola and Snapdeal, Jonathan Bullock has also resigned from the board of Housing.com, which counts SoftBank as its largest investor. SoftBank has already written down as much as 58.1 Bn yen ($555 Mn) in two of its biggest investments in India, Ola and Snapdeal, according to regulatory filings posted in November.
Bullock wrote a similarly worded email to the board of directors at Snapdeal and Housing.com.
“This is standard procedure and is unrelated to any current operations at Snapdeal, Ola or other boards. SBGI Managing Directors, Kabir Misra and David Thevenon, will be the primary leads on Snapdeal and Ola respectively, going forward. Mr Bullock will work actively with Mr Misra and Mr Thevenon, as well as the Snapdeal and Ola leadership, to avoid continuity challenges,” said SoftBank in an email to Mint.
Bullock had joined the boards of the three companies after former SoftBank president Nikesh Arora quit those boards in early 2015.
As for former Google executive David Thevenon, he currently sits on the boards of other prominent startups such as Singapore-based ride-hailing firm Grab.