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  #1  
Old 17th October 2011
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Exclamation Not Encouraging news

I have just spotted this article on the BBC news site

http://www.bbc.co.uk/news/business-15330870

Doesn't fill you with a sense of well being does it!

Hec
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Old 17th October 2011
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Re: Not Encouraging news

Olympus never do things by halves, or the easy way! Still, it's up to them how they manage the business, it's up to us to buy and use their cameras.
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Old 17th October 2011
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Re: Not Encouraging news

There were only three foreign CEOs of Japanese companies, which is why you don't hear more about this. I am fairly sure that Olympus are no better or no worse than most Japanese companies. The likes of Toyota, Nissan etc have to meet higher standards as the sell securities in foreign markets. Many Japanese companies have global markets and parochial management. Accounting has also been peculiarly Japanese as has corporate structure and governance. It is changing but slowly.
Jim
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Old 17th October 2011
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Re: Not Encouraging news

Woodford was sacked last Friday. He was looking for the resignation of the company chairman (who had appointed Woodford in the first place!) and an executive vice president over allegations that Olympus wasted large sums of money in company acquisitions that were either not core to the Olympus businesses or were not good value acquisitions. Woodford also called into question the expense of fees paid to financial advisors. He asked for a meeting with the two senior board members to discuss the situation, but they pre-empted him by calling an emergency board meeting and they apparently voted to sack Woodford without even a debate. The vote was unanimous.

Ian
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Old 17th October 2011
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Re: Not Encouraging news

Oh the joys of big business!
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Old 17th October 2011
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Re: Not Encouraging news

There appear to be 2 clear and distinct sides to this stramash.
I suspect a bit of truth on both.
But in the current (economic) climate I don't trust either.
I wonder if they are now vulnerable to takeover.

If it all goes pearshaped, can I have first dibs on the hire 35-100 please?

The camera certainly works.
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Old 17th October 2011
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Re: Not Encouraging news

Quote:
Originally Posted by Ian View Post
Woodford was sacked last Friday. He was looking for the resignation of the company chairman (who had appointed Woodford in the first place!) and an executive vice president over allegations that Olympus wasted large sums of money in company acquisitions that were either not core to the Olympus businesses or were not good value acquisitions. Woodford also called into question the expense of fees paid to financial advisors. He asked for a meeting with the two senior board members to discuss the situation, but they pre-empted him by calling an emergency board meeting and they apparently voted to sack Woodford without even a debate. The vote was unanimous.

Ian
For an International BRAND - this is corporate suicide ! It smacks of "NO TEAMWORK" and underhand accounting - not the way to develop an International Brand

As they say "no smoke without fire" and this sounds similar to Guinness and USA acquisitions that ended with Ernest Saunders resignation and later book

I am glad I shall not be looking to buy any more camera equipment in my lifetime I certainly would NOT DEPEND ON OLYMPUS ! Corporate Governance is critical to survive AND THRIVE !
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Old 17th October 2011
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Re: Not Encouraging news

It's very sad and frustrating as the issues central to all the drama are nothing to do with the camera division. Woodford comes from the medical imaging side of the business, and the biggest questionable acquisition was medical-related, while the others were nothing to do with either cameras or medical imaging.

I don't know the man, but Woodford has admitted in interviews that his management style can be confrontational, and while that should have been well known by the Japanese management that hired him in the first place, I wonder if he under-estimated their willingness to accept such a management style.

Also, these apparent misdemeanours are in the past, and Woodford's main task was to set a path towards more efficient operation in the future. Trying to remove the chairman who appointed him also seems over-ambitious.

But what do I know!?!

Ian
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Re: Not Encouraging news

The aquisition, whatever it was, may well have been questionable, but hardly as questionable I would think as the Lloyds TSB takeover of the Halifax. That nearly was corporate suicide!
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Old 17th October 2011
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Re: Not Encouraging news

Oh dear, this is something Olympus could have well done without.
At the best of times this wouldn't be something you would want in the public domain but right now this is pretty much corporate suicide.
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Old 18th October 2011
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Re: Not Encouraging news

Huw, it is a well known fact that many CEO's and other high flyers are Psychopaths - two interesting books to read are "Born Liars" and "The Pyschopath Test".

The similarities between CEO Pyschopaths and Savage Rapists/Murderers are many and the differences, few! As evidenced in "The Jigsaw Man" and "Picking up the Pieces" by Paul Britton (retired Psyciatrist of Broadmoor)

Its all about "what one is prepared to do, to achieve their own goals" ! the more power & position - the more demands and less asking !

Did you see the "Rugby" where the Welsh Captain deliberately lifted and jumped a French chap on his head/neck ? The Welsh Captain could have broken the french guys neck and killed him and been on a murder charge instead of being sent off !

... and Rooney is definately a Looney - the way he behaved - and now is out of 3 major England games !

In both Rooney and the Welsh Captain (forget his name ...) the speed at which their brains, processed the vicious attack is quite frightening !
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Old 18th October 2011
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Re: Not Encouraging news

Quote:
two interesting books to read are "Born Liars" and "The Pyschopath Test"
I have got to read these books!
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Old 18th October 2011
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Re: Not Encouraging news

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Originally Posted by LightingMan View Post
I have got to read these books!
Born Liars was Radio 4 book of the week in August or Sept ! thats where I learned of it ! From a Child Development point of view, its interesting to note "how we are born & bred to lie" ... the Psych Test book takes it all a few stages further but again, the developmental structure, in some cases, "continuium", fascinates me ! and I got "into all this" because I wanted to know "what childhood elements impact HOW - esp. on building a negative personality" in my Child Dev Degree course
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Old 18th October 2011
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Re: Not Encouraging news

Well, it certainly is in the public domain now, as it was featured on the 'Today' programme this morning. Whether it will feature in most people's conscientiousness is another question though. After all, Guinness and Olympus don't really have the same interest ranking amongst the populace.
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Old 18th October 2011
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Re: Not Encouraging news

Thanks I'll start with Born Liars.

Have you read They F**k You Up by Oliver James? It's not revolutionary or particularity revealing but the "scripts" we use is something I think of often when people watching.
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