Olympus fires CEO

Woodford took over as President and CEO of Olympus only less than 7 months ago, mainly backed by international investors. Here is what else Olympus had to say about the Board’s decision: ”Judging that realisation of the 2010 Corporate Strategic Plan with its slogan of "Advancing to the Next Stage of Globalisation" would be difficult to achieve by the management team led by Woodford, all the board directors attending today, except for Woodford himself who could not participate in the voting due to special interest, unanimously resolved the dismissal from his office of the Representative Director, President and Chief Executive Officer. Along with this, it was also resolved that the Representative Director, Chairman Tsuyoshi Kikukawa double as the Representative Director, President and Chief Executive Officer.

”Global management that Olympus aims is to implement management rules, information management and operation that are common throughout the world in order to establish a business infrastructure that is more efficient and quick to respond while making the most of a Japanese style management that sets a high value on peo ple, technology and pride of monozukuri or manufacturing. To this end, all our employees will head for the same direction as we will urgently start establishing a new structure to go towards the same goal with the entire staff as one.”

For the time being, Woodford remains on the Olympus Board as Director without executing right.