Under fire from investors, SoftBank Group Corp. President Nikesh Arora is stepping down, marking an abrupt end to the tenure of founder and Chief Executive Masayoshi Son's handpicked successor.

Just yesterday, SoftBank had given a clean chit to Arora after a special committee of independent board members completed its review of the allegations against the former Google executive and found them to be without merit.

The Wall Street Journal reports that Son said he would continue as CEO longer than planned and Arora, a former Google Inc. executive whom he recruited two years ago, will step down to pursue a different path.

"I was thinking of handing over my job as CEO when I turn 60, but thought maybe I'm still a bit too young, and still have energy to continue," the 58-year-old Son said.

Arora said he will remain as an adviser to SoftBank.

"This will allow me to think about my next move," Arora said.

Son said Arora wouldn't be reappointed to his position at Wednesday's shareholder general meeting.

SoftBank was founded as a software distributor in 1981 by Son. It acquired Vodafone Group PLC's Japanese operations in 2006, rebranded it using the SoftBank name and transformed it into Japan's third-largest mobile-phone service provider. The company is attempting another turnaround at Sprint Corp., which it acquired in 2013, but those efforts so far have been difficult. 

Also read: Why investors are angry with SoftBank star Nikesh Arora