Olympus ex-CEO Michael Woodford quits board, campaigns for new directors
Thursday, December 1, 2011 | by Eamon Hickey
The British ex-CEO of Olympus, Michael Woodford, who revealed the financial improprieties that are at the heart of the company's current accounting scandal, has resigned from Olympus's board of directors. He had retained his position on the board even after being fired as CEO in October.
A report from Associated Press quotes Woodford as saying he lost hope that current management would institute meaningful changes after seeing a November 28 message from current president Shuichi Takayama. A report from Reuters portrays Woodford's resignation as the beginning of a campaign to replace the current board and regain his old job as the company's president in order to lead its recovery from the scandal.