Olympus President Tsuyoshi Kikukawa Steps Down Amid Growing Scandal

Olympus Chairman and President Tsuyoshi Kikukawa resigned today under pressure from the company’s ongoing financial scandal. The 70-year-old was a 45-year veteran of the company and was the president in the late 2000s when the dubious payments took place. Former president Michael Woodford — the man whose accusations put Olympus in the spotlight — has stated in interviews that the entire board of directors at the company is “toxic”, “contaminated”, and needs to resign. However, a member of that same board has been named as Kikukawa’s replacement.

(via The Washington Post)

  • Anthony Burokas

    Is this a token move to appease stockholders.
    It’s a shame all this is coming down because Olympus is 1/2 of the m43 camera ecosystem at this point and if they stop, it really puts the hurt on the standard to keep the momentum going amidst all the new “large” sensor competition.

  • Guest

    I’m really confused about the whole Olympus situation.. So basically, the board of directors has connections to some mafia-equivalent? I know there’s a lot of money going into dead-end nowhere companies, but is that re-absorbed for personal finances? How is the Yakuza involved in all of this?