Olympus CEO Exits After Allegation He Bought Illegal Drugs
- Stefan Kaufmann resigns from all positions after the probe
- Shares dive more than 7% after Olympus surprised market
Photographer: Toshiyuki Kon/Yomiuri Shimbun/AP Photo
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Olympus Corp. pushed out its chief executive officer after investigating an allegation he purchased illegal drugs, a stunning exit for the German native after less than two years at the helm.
The company’s shares declined more than 7% Monday, the biggest intraday slide in almost three months, after it said Stefan Kaufmann had resigned all positions effective immediately. Olympus, best known as a designer of cameras and imaging gear before a pivot into medical equipment such as endoscopes, wouldn’t comment further on the case, citing an ongoing investigation. Kyodo News reported that Japanese police were conducting their own probe.