Olympus chairman Tsuyoshi Kikukawa resigns

[Four Thirds User]

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In a new twist to the epic Olympus Corporation boardroom scandal we reported on last week, Olympus Corp. Chairman, Tsuyoshi Kikukawa, who both appointed Michael Woodford to the positions of President and later CEO of Olympus and then sacked him after Woodford turned whistleblower, has today resigned, although he will continue as a non-executive director.

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[Ian]

Re: Olympus chairman Tsuyoshi Kikukawa resigns

Update: In an interview with the Financial Times, Japanese Prime Minister, Yoshihiko Noda, has called for clarity and action by members of an independent panel called in by Olympus to investigate the growing scandal of huge and largely unexplained payments by the company linked to company acquisitions. Noda is concerned that the Olympus scandal will be seen as symptomatic of Japanese corporate governence rather than an isolated case, which he firmly believes it is.

Ian

[Ian]

Re: Olympus chairman Tsuyoshi Kikukawa resigns

Executive Vice President Mori has been fired. He was Kikukawa's right hand man. The newly appointed President and CEO replacement for Kikukawa, Shuichi Takayama (until recently the boss of the camera division) says that a history of practices of hiding losses in financial investments has been uncovered and that is why Mori was fired. Takayama says he was completely unaware of what had been going on. I'm not sure how this links to the four acquisitions and associated advisory fees that Michael Woodford has highlighted, but the Japanese authorities seem to be very concerned about the latest news. Many people in Olympus, past and present, could now be liable to criminal proceedings.

I've said this elsewhere, but let's assume that a rot within the company is being uncovered and hopefully excised. For me this is very positive because the underlying core businesses look to be sound and could benefit positively from what is going on in the long run.

Ian

[RogerMac]

Re: Olympus chairman Tsuyoshi Kikukawa resigns

I've said this elsewhere, but let's assume that a rot within the company is being uncovered and hopefully excised. For me this is very positive because the underlying core businesses look to be sound and could benefit positively from what is going on in the long run.

Ian

I think it's a case of "If it does not kill you it will made you stronger"

Roger

[Ian]

Re: Olympus chairman Tsuyoshi Kikukawa resigns

Another update; several investors in Olympus, mainly outside of Japan, are calling for Michael Woodford to be reinstated so the company's management can be cleaned up.

The question is whether or not the main Japanese shareholders will join the call.

Ian

[wanderer]

Re: Olympus chairman Tsuyoshi Kikukawa resigns

I thought there might be something like this.
I'm beginning to wish I had some money spare to buy Oly shares.

[Guest]

Re: Olympus chairman Tsuyoshi Kikukawa resigns

My e620 still takes pictures.

[Jim Ford]

Re: Olympus chairman Tsuyoshi Kikukawa resigns

I'm beginning to wish I had some money spare to buy Oly shares.

I'm thinking the same thing!

I've never bought shares. How do I go about it - just ask my bank?

Jim

[Zuiko]

Re: Olympus chairman Tsuyoshi Kikukawa resigns

I'm thinking the same thing!

I've never bought shares. How do I go about it - just ask my bank?

Jim

Most banks have a share dealing service.

[Nova Invicta]

Re: Olympus chairman Tsuyoshi Kikukawa resigns

The dangers for Olympus are still there. The medical division holds about a 70% global market share in the products it makes and generates very good margins. The camera division loses money and depending on how bad the hidden losses are may well end up being a victim of what is criminal actions by former & maybe present senior managers within Olympus. The share price has now fallen by 2/3rds which maybe to large a correction but until the full depth of the deception is uncovered its highly risky to buy Olympus shares.

[Makonde]

Re: Olympus chairman Tsuyoshi Kikukawa resigns

The likelihood is that Olympus will be finished as a camera manufacturer. The camera div was not profitable overall; the shares are now at the point of being delisted (i.e. taken out of market trading) and the company vulnerable to takeover. While one can see the medical optics div being attractive and viable, which of Oly's rivals/former partners would want to take over a camera brand that was already somewhat beleaguered and unprofitable? Panasonic? Samsung? Sony? Canon? They'd surely rather see it die off.

Already I can't get spares for my E5 and after owning Oly cameras since 1974 I'm not going to spend another penny on Olympus.

[Zuiko]

Re: Olympus chairman Tsuyoshi Kikukawa resigns

The likelihood is that Olympus will be finished as a camera manufacturer. The camera div was not profitable overall; the shares are now at the point of being delisted (i.e. taken out of market trading) and the company vulnerable to takeover. While one can see the medical optics div being attractive and viable, which of Oly's rivals/former partners would want to take over a camera brand that was already somewhat beleaguered and unprofitable? Panasonic? Samsung? Sony? Canon? They'd surely rather see it die off.

Already I can't get spares for my E5 and after owning Oly cameras since 1974 I'm not going to spend another penny on Olympus.

You can't get spares for your E-5?!

[Makonde]

Re: Olympus chairman Tsuyoshi Kikukawa resigns

You can't get spares for your E-5?!

I need an Eyecup !

[Zuiko]

Re: Olympus chairman Tsuyoshi Kikukawa resigns

I need an Eyecup !

Is it the same eyecup as used on the E-3, the one that always works loose and gets lost?

[Makonde]

Re: Olympus chairman Tsuyoshi Kikukawa resigns

I don't know if it's the same one, but it has the exact behaviour you describe!