Olympus update: New board needed?


Would an entirely new board of directors reform scandal-hit Olympus? That’s the hope of former CEO Michael Woodford, ousted in October, who now promises to lobby shareholders for a new slate of directors.

A third-party investigatory panel found that Olympus racked up $1.5 billion in investment losses dating back to the 1990s. The panel also called for a new board— and referred to top management as rotten to the core.

However, current president Shuichi Takayama said at the earliest, shareholders will vote on a new board at a meeting in late February.

Committees set up by the company will report next month.

Meanwhile, company director Makoto Nakatsuka resigned — the fourth director to do so.

The external advisory committee report is here:

Bloomberg’s news coverage is here.