It’s hard to square the statement by Olympus that its M&A transactions, which are now the subject of an independent investigation, “were in no way improper.” Presumably, the propriety of the deals is up to the investigation to determine. It’s precisely that sort of statement that makes investors skeptical about the company’s commitment to shedding […]
The crisis at Olympus shows no sign of easing after the resignation of Chairman Tsuyoshi Kikukawa. Japanese regulators have joined investors in calling for a full explanation of payments Olympus made in connection with acquisitions it made in recent years. His resignation will not remove Kikukawa from the company, however. He remains a director on […]
The hole is getting deeper for Olympus and its chairman, Tsuyoshi Kikukawa. And his outside auditor, Ernst & Young, might find itself alongside him. A day after denying allegations by its former CEO, Michael Woodford, that it paid advisory fees of $687 million on a $2 billion acquisition, the company reversed itself and acknowledged that […]
The messy firing of Olympus CEO Michael Woodford provides another example of the challenges in communicating an executive exit. The Japanese camera and medical-imaging company last week fired Woodford, its first non-Japanese CEO, after less than a year. In announcing his dismissal, Olympus cited Woodford’s inability to work effectively with Japanese managers and chairman Tsuyoshi […]