Term Sheet -- Tuesday, June 21
Summary
This morning’s big news is that Nikesh Arora has stepped down as president of SoftBank, the Japanese conglomerate where he was widely views to be the successor-in-waiting to founder and CEO Masayoshi Son. Arora originally joined SoftBank from Google, in order to lead investments in entertainment and media companies, but was elevated to president after just nine months. • Personnel scoop: Alex Crisses, a former managing director with Insight Venture Partners, where he focused on infrastructure software and Internet investments, has taken a job with General Atlantic. He said yes, on one condition: The organization, which then represented fewer than two dozen firms, would need to move its headquarters from Chicago to Washington, D.C., so that it could help pursue policies that would spur entrepreneurship. Then, working with others, Morgenthaler helped change Erisa laws so that pension funds could invest in alternative assets like venture capital — a move that coincided with the personal computer revolution.
