Industry Headlines

Olympus Nominates New Board, President

February 28, 2012
/ Print / Reprints /
ShareMore
/ Text Size+

On Monday, February 27, Olympus nominated Hiroyuki Sasa as the next president. The appointment will be announced April 20 after a vote at a general shareholders’ meeting. At that meeting, the current board is expected to step down as part of the company’s housecleaning steps after an accounting fraud.

Seven men were arrested earlier this month in connection with financial misdeeds at the company, estimated at $1.7 billion, according to a CNN report.

The Economist applauded the arrests, saying “For anyone who cares about integrity in financial markets, rule of law and corporate governance, this is a moment to feel pleased.”

Management had hidden losses by falsifying financial statements, though the practice was confined to a few top individuals. In fact, the CEO was not aware of them. Michael Woodford was ousted from the company in October after questioning some merger fees. He recounts his experience to Bloomberg Businessweek.

The company manufactures precision equipment in divisions such as medical, life sciences, imaging and industrial.

Did you enjoy this article? Click here to subscribe to Quality Magazine. 

You must login or register in order to post a comment.

Multimedia

Videos

Podcasts

 In honor of World Quality Month, we spoke to James Rooney, ASQ Past Chairman of the Board of Directors 2013, for his take on quality around the world.
For more information, read the ASQ Speaking of Quality column.
More Podcasts

Quality Magazine

CoverImage

2014 September

Check out the September 2014 edition of Quality Magazine for features!

Table Of Contents Subscribe

The Skills Gap

What is the key to solving the so-called skills gap in the quality industry?
View Results Poll Archive

Clear Seas Research

qcast_ClearSeas_logo.gifWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

eNewsletters

STAY CONNECTED

facebook_40.png twitter_40px.png  youtube_40px.pnglinkedin_40px.png