Entire Olympus Board Resigns After Picking New President and Chairman

Former Olympus CEO Michael Woodford has gotten his wish: the entire Olympus board resigned this week in the aftermath of the company’s epic financial scandal and stock tumble. They did, however, pick a new president and chairman before handing in their letters of resignation. Hiroyuki Sasa from the company’s medical equipment marketing division was picked for president, while banker Yasuyuki Kimoto has been chosen as chairman. The changes are expected to be finalized at an April 20th shareholders meeting. Sasa has promised to both win back public trust and to prevent another scandal from every occurring.

(via New York Times via Engadget)

Image credit: Olympus Film Camera by Matt Cunnelly

  • Senen L

    What a huge clusterfuck. I like Olympus but that’s a mess of epic proportions

  • ChristianRudman

    Making sure it doesn’t happen again is understood, doesn’t even need to be a promise. What Kimoto needs to promise and follow through with is raise the whole mess up from the ashes.

  • Nicholas Smith

    Should have rehired Woodford, he seemed like to was willing to make the hard choices and cared about the company.

  • Brandon

    that would have been the most honorable thing. i hope they can right the ship, good luck.

  • wickerprints

     From what I understand, at some point someone re-offered the CEO position to Woodford but he declined, perhaps because it would have still been under the leadership of the same (but now resigned) board.  In light of the (unsubstantiated) rumors of Yakuza involvement, I think he realized that the well-being of himself and his family was more important to him than fixing a corrupt corporation.  So, I think Woodford will not return to Olympus, which is a huge loss for the company.