Sunday, October 16, 2011

Olympus shares plunge 22% after it suddenly fires CEO

Olympus chairman Tsuyoshi Kikukawa announces the axing of Michael Woodford Olympus chairman Tsuyoshi Kikukawa will take on the additional roles of president and CEO
Shares of Olympus Corporation have dropped for a second day after the company fired Michael Woodford, its first non-Japanese chief executive officer.
The company's shares fell 22% on the Tokyo Stock Exchange on Monday, following an 18% drop on Friday.
Mr Woodford claims he was fired for questioning some accounting practices.
However, Olympus said Mr Woodford's views were no longer in line with other managers.
"Michael Woodford has largely diverted from the rest of the management team in regard to the management direction and method and it is now causing problems for decision-making by the management team," the company said in a statement.
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