Olympus under new management

According to press reports, Woodford also questioned Sasa’s experience to lead Olympus out of the turbulences caused by a decade-long cover-up of losses. The previous president also critizised the strong ties of the new chairman, Yasuyuki Kimoto, to Olympus’ biggest lender, Sumitomo. Kimoto is a former director of Sumitomo Mitsui Bank.

In a statement of April 11, 2012, Olympus said that the majority of new Board members are independent outside directors. “Mr. Sasa spent 30 years in the company’s core medical business and in recent years he has been deeply involved in the management of this core business”, the company added. Most recently, Sasa served a a director of Olympus Medical Services.

After giving up his public fight to return to Olympus as Chief Executive, Woodford is now sueing Olympus for wrongful termination.