SoftBank is an investor in OYO. In order to help investors, SoftBank sent two executives to OYO Japan. In Japan, due to the impact of the new crown, the OYO business has been hit, and SoftBank hopes that the two executives can play a positive role.
OYO India and the telecommunications company of Japan's Softbank jointly established OYO Japan. In order to cope with the new situation, they set up a committee with 6 members. SoftBank Executive Vice President Eric Gan and SoftBank Vision Fund investor Lucio Di Ciaccio will form a committee with OYO Japanese executives, including OYO Japan’s new CEO Ryoma Yamamoto.
As we all know, SoftBank has invested in many companies and some companies have been severely impacted. OYO is one of them. In response to the new situation, OYO has reduced its business in Japan, such as closing the provincial central office at the end of June, and the company is also preparing to reduce the size of its Tokyo headquarters. In addition, under the command of the new leadership, OYO will also merge the hotel reservation department and the apartment leasing department.
At a meeting on August 3, OYO Japan announced the establishment of a committee, and SoftBank CEO Ken Miyauchi attended. This is the first time he has participated in such a meeting.
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