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Electronics Production | November 25, 2011

Olympus board members resign

Three Olympus board members resigned yesterday ahead of a key meeting regarding the company's accountancy scandal. Ousted CEO Michael Woodford returned today to meet board members.

Olympus announced yesterday that it received letters of resignation from two board members, Tsuyoshi Kikukawa and Hisashi Mori, and from a corporate auditor of Hideo Yamada. Olympus is under investigation regarding accountancy practices and the deferring of past losses, which include excessive payouts to obscure recipients. In a statement, President Shuichi Takayama said he and members of the management team would be willing to step down once Olympus is on track to recovery – despite calls for their immediate resignation. After meeting today, Ex CEO Michael Woodford, told reporters in Tokyo that he would be willing to help Olympus and that the talks with the board were constructive. Woodford was fired last month, claiming that he was released after he questioned Olympus' excessive payouts relating mergers and acquisitions. ----- Source: Bloomberg
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