Olympus fires first non-Japanese CEO

Japanese camera company has fired its CEO, Michael Woodford, on Friday. The first non-Japanese Olympus CEO was let go over disputes over the strategy of the firm, which led to a 17 percent share price drop. Olympus' board unanimously dismissed Woodford as president and CEO, but has retained him as director until a suitable replacement is found through a vote at the next annual shareholders' meeting.
Olympus chairman Tsuyoshi Kikukawa will take over as president and CEO.
"We hoped that he could do things that would be difficult for a Japanese executive to do, but he was not able to understand that we needed to reflect the management style we have built up since the company was established 92 ... »read more

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