Olympus Seeks Approval for New Board to Move Past Scandal
This article is for subscribers only.
Olympus Corp. shareholders are being asked to vote on new management and let the company put behind it an accounting fraud that wiped $4.2 billion off its market value and sparked criminal probes in Japan and overseas.
At an extraordinary meeting tomorrow, the camera maker will seek approval to appoint 11 new directors, including President-designate Hiroyuki Sasa, currently head of marketing for its medical systems unit, and Yasuyuki Kimoto, a former executive at main lender Sumitomo Mitsui Financial Group Inc. Former President Michael Woodford, who revealed the $1.7 billion cover-up after being fired, has said he’ll attend.