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SoftBank Nominates Venture Capital Veteran Chao to Its Board

David Chao

David Chao

Photographer: David Paul Morris/Bloomberg

SoftBank Group Corp. named venture capitalist David Chao to join its board as the Japanese tech investor tries to regain its footing from money-losing investments. 

Chao is a co-founder and general partner at DCM, a venture capital firm with over $4 billion under management. The firm has invested in more than 400 tech companies in the U.S. and Asia since 1996, according to its website. Chao will replace Lip-Bu Tan whose term will end in June as an outside director, SoftBank said in a filing.