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Olympus appoints another new CEO

Wednesday, October 26, 2011 - 01:34

Oct. 26 - Troubled endoscope and camera maker Olympus appoints senior executive Shuichi Takayama as CEO as a watchdog probes the company on disclosure. Basmah Fahim reports.

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Japanese firm Olympus is attempting to quell its widening scandal over dubious acquisition deals with another change of leadership. Tsuyoshi Kikukawa has resigned as the company's Chief executive after less than two weeks in the post. He'll be replaced by company veteran Shuichi Takayama. The crisis at Olympus began when former boss turned whistleblower Michael Woodford, seen here in an interview with Reuters, was sacked on October 14. Woodford claims he was fired for questioning a multi million dollar fee paid in relation to a 2.2 billion U.S dollar take-over three years ago. But Olympus say he was sacked for failing to understand the company's management style and Japanese culture. (SOUNDBITE) (Japanese) NEW APPOINTED OLYMPUS PRESIDENT SHUICHI TAKAYAMA SAYING: "Mr Woodford revealed confidential company information that he had received executive committee, we are extremely angry at what he did." The camera and endoscope maker also denies fees paid back in 2008 were excessive. (SOUNDBITE)(Japanese) NEW APPOINTMENT OLYMPUS PRESIDENT SHUICHI TAKAYAMA SAYING: "If you ask me whether the fees were proper or not. I would say that the situation would have warranted those fees and thus they are appropriate." Japanese authorities are launching an investigation into the hefty advisory fees. Olympus which has been in business for just under a century saw its shares fall by 7.6 percent and has seen half its value fall since Woodford was sacked. Basmah Fahim, Reuters

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Olympus appoints another new CEO

Wednesday, October 26, 2011 - 01:34