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Electronics Production | November 14, 2011

Olympus shareholder wants ex-CEO back

A large Olympus shareholder has said that it wants the ousted CEO Michael Woodford to return to the company, following recent financial impropriety allegations relating to the company.

Baillie Gifford & Co, which says it holds more than 4 percent of Olympus, said in a press release that CEO-turned-whistleblower Michael Woodford should return to the company and lead a clean up. Elaine Morrison, partner and Head of Developed Asia Equities, said: “What Olympus needs now is a thorough clean-up and we believe Michael Woodford is the best man for the job. The current management of Olympus has been discredited by its original response to Mr. Woodford’s allegations and its poor communications with shareholders; we expect all directors or employees linked to this wrongdoing to be dismissed and have their ties to the company severed". “In addition, Olympus needs to make some immediate changes to its board structure to achieve effective board oversight, including the introduction of a majority of independent directors. These changes should be implemented without delay.”
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