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
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)