(Bloomberg) -- SoftBank Corp., the domestic wireless unit in Masayoshi Son’s empire, said that Son will step down as chairman of the business while Junichi Miyakawa takes over as chief executive officer.

Ken Miyauchi, who has been CEO, will move into the chairman’s role in Son’s place, the company said in a statement. Son spun the wireless business out of his SoftBank Group Corp. in 2018 and has sold his stake down to about 40%, according to data compiled by Bloomberg.

Telecom services had long been the cornerstone of Son’s conglomerate, but he has been shifting his attention to financial investments. His $100 billion Vision Fund has invested in scores of startups, with many going public in the surging stock market.

Miyauchi joined SoftBank in 1984, just three years after it was created. One of Son’s longest-serving lieutenants, he helped the founder grow the business from a distributor of personal computer software into a telecommunications conglomerate.

Miyauchi took charge of the domestic operations when the unit went public and helped engineer the merger of SoftBank’s Yahoo Japan internet business with messaging giant Line Corp.

SoftBank Corp. shares have gained about 4% this year and closed little changed Tuesday.

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