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Olympus chief resigns, shares surge

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Olympus shares have risen after its latest CEO has stepped down
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Shares in Olympus have risen after its CEO, Tsuyoshi Kikukawa resigned from his job on Wednesday in a bid to restore confidence in the company.

It's been a rough couple of weeks for Olympus, which fired Michael Woodford, its former CEO, less than two weeks into the role. Although it initially claimed that the firing was due to a "culture clash", Woodford very publicly claimed that it was down to his questioning a $687 million advisory fee paid in relation to a takeover in 2008.

Since then, Olympus shares plummeted by around 50% since the sacking, but yesterday rose by 13% as Kikukawa stepped down.

Pressure had been mounting on the firm to disclose more information about the money deals, with top shareholders calling for an investigation.

Investigations

Japan's Securities and Exchange Surveillance Commission has been looking into the company since as far back as August, while Woodford sent details to the Serious Fraud Office in London.

Critics of the company say that the Olympus scandal is indicative of a deep-seated weakness in Japanese management styles.

Woodford has also been talking to the FBI about his claims, and has identified the advisory firms involved in the takeover as being based in New York and the Cayman Islands.

The new President of Olympus has been named at Shuichi Takayama, who has denied any wrongdoing at the company and has been there since 1970.

Keep following for more updates on the Olympus story as it happens.

Via Reuters

Amy Davies
Amy Davies

Amy has been writing about cameras, photography and associated tech since 2009. Amy was once part of the photography testing team for Future Publishing working across TechRadar, Digital Camera, PhotoPlus, N Photo and Photography Week. For her photography, she has won awards and has been exhibited. She often partakes in unusual projects - including one intense year where she used a different camera every single day. Amy is currently the Features Editor at Amateur Photographer magazine, and in her increasingly little spare time works across a number of high-profile publications including Wired, Stuff, Digital Camera World, Expert Reviews, and just a little off-tangent, PetsRadar.