Masayoshi Son, billionaire founder of Japanese technology empire SoftBank, is stepping down from his role as chairman of the company.

The announcement came after a two-year deliberation where SoftBank said in a press statement that such a decision was necessary to “pass on the strengths of its current management system to future generations” and “achieve sustainable growth as a listed company”.

Current CEO Ken Miyauchi will replace Son as chairman, while Junichi Miyakawa will take over as President and CEO. Miyauchi has been with SoftBank since 1984, and is one of Son’s longest-serving lieutenants, having significantly contributed to the growth of some of Japan’s most widely-used telco and social media platforms including Y! Mobile and LINE Mobile.

Miyakawa, on the other hand, is currently CTO of SoftBank. He was previously Technical COO at Sprint Corporation (now known as T-Mobile U.S.).

One of the wealthiest men in Japan, Son is credited as the principal founder of SoftBank in 1981, which is now one of the country’s leading telcos. He is ranked by Forbes as one of the most powerful people in the world.

Son is also the main driver behind SoftBank’s iconic Vision Fund, a tech-focused venture capital that has invested in over 80 companies across Asia including Southeast Asian ride-share powerhouse Grab and workplace communication platform Slack.

Son will continue to serve as Board Director for SoftBank, effective April 1, 2021.