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 aCNN 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 toBloomberg Businessweek.

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