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
It looks like Olympus ex-CEO Michael Woodford will be getting his wish after all as the Olympus scandal continues to unfold. A day after an independent panel issued a report that slammed the company’s top management as being rotten (though at the same time finding no links to organized crime), the entire board of directors has indicated that it will step down. Perhaps confident that the company will soon be back on the right track, investors have pushed the stock price back up to over ¥1,100 — up from its 52 week low of ¥424 back in early November.
Image credit: board room by @MSG