Former CEO Woodford quits Olympus board to call for new management
Olympus' former CEO Michael Woodford has resigned his position as director of the company and called for a shareholder meeting to dismiss the rest of the board. The company's share price had started to recover some of the 88% value it had lost in the weeks since Woodford was removed as CEO for highlighting unusual payments by the company (he remained a director). Since then the company has admitted using these payments to cover up losses on earlier investments. An independent committee established by the company has reported it has found no evidence of the rumored involvement of organized crime syndicates in the deals. However, three board members, including the President and Vice-President have resigned over the issue.
In a board meeting last week attended by Woodford, the company agreed to start reviews of its corporate governance (to prevent such actions being taken again and to provide reassurance to investors) and on restructuring the business. Investment analysts have speculated that this second review could result in parts of the business being sold off to protect its core value. The company is currently dominated by its profitable 'Medical Systems' endoscopy business that makes up 42% of the company's value. The loss-making 'Imaging Systems' camera division makes up around 16% of the company, making it the third-largest segment.
Risk of delisting
The company has reiterated that it will be able to file its Q2 earnings reports by the deadline of December 14th - failure to do so would result in its delisting from the Japanese Stock Exchange (and thus the suspension of its shares, limiting its means of raising investment). Several overseas shareholders have been calling for Woodford reinstatement.
Meanwhile the initial independent committee's report is due to be published on December 2nd.
Nov 15, 2014
Nov 22, 2014
Nov 13, 2014
Nov 13, 2014
Join DPReview editors Rishi Sanyal and Carey Rose on Facebook Live as they share their experience and answer your questions about the new Sony a9, Wednesday at 9:30 AM Pacific time. Click here for additional details and time zones
German media reports that the founders of the company behind the Panono 360-degree ball camera have filed for bankruptcy at a court in Berlin. Read more
With a claimed 800 new custom parts, Microsoft's updated Surface Pro comes with the latest Kaby Lake processors, better battery life, a new hinge, plus the Surface Pen is updated as well. Read more
DW Photo is attempting to resurrect the Hy6 medium format camera, though the legal tangles of its development may stop it being branded Rolleiflex.
The Kodak EKTRA, the company's 'camera first' smartphone, is now available to purchase in the United States. Read more
Apple and Nokia have settled their years-old patent dispute. Apple will make an undisclosed payment to Nokia and sign a licensing agreement related to digital health products with the Finnish company.
David Gibson, one of Britain's best known street shooters, shares all.
Photographers from the SKYGLOW project travelled 150k miles and took 3 million photos in increasingly rare locations: those without light pollution.
The world's fastest 200mm was produced for 16 years. In that time, only 8000 were made.
Photokina, the biennial photo industry trade show in Cologne, Germany, has announced that it will become an annual event beginning in 2018, and expand its focus to additional areas of imaging technology. Read more
No mic socket? No problem. In this video, Daniel Peters at Photo Gear News shows you how to make a lapel microphone using just a smartphone and a pair of earbuds.
How does the iPhone 7 Plus stack up against the Arri Alexa cinema camera? Watch this short video to find out.
Canon Australia's video series "The Lab" is designed to make photographers experiment and think outside the box. In the latest video a group of photographers create images based on their sense of taste.
The GH5 is expected to get a firmware update this summer to support 400Mbps internal recording. NewsShooter explores what memory cards you'll need to make it work.
Microsoft's new Surface Pro offers Intel's latest processor generation and improved battery life.
Riding a mountain bike downhill is dangerous enough in daylight, but potentially lethal at night. Which is where drones come in.
Rumors abound that Canon (and maybe Nikon) may produce a mirrorless camera based using their existing DSLR mount. Does this guarantee immediate great lens choice or a perpetually second-rate experience? Read more
According to rumors, the next camera from Nest will be able to capture 4K video, though that resolution will be only used for 'virtual' pan and tilt functions.
Boundary's Prima 'fully modular' backpack is expandable to 30L and has a removable camera case and tablet sleeve. Early Kickstarter backers can get one for $189.
Stanley Greene captured 'brutally honest' photographs in the war zones of the Middle East, Chechnya and Georgia. He was also one of the few African-American photographers working internationally.
Owners of Leica M cameras that suffer from peeling CCDs will be able to claim a free repair in the future so long as the camera was purchased within five years of the fault becoming apparent, the company has announced. Read more
The Carl Zeiss Jena BIOTAR 75mm F1.5 Red T lens is very rare and priced accordingly. It can be yours today for the low, low price of $15,000.
The MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL) has developed a drone that does not require any human control for recording tracking shots. Read more
In this terrifying video, Iraqi journalist Ammar Alwaely narrowly misses a sniper's bullet, which takes out his chest-mounted GoPro. Warning: strong language. Watch the video
A new report expects action camera growth to increase about 15% by 2021, with Ultra HD cameras driving demand. Read more
Profiles for Adobe Photoshop and Lightroom have been released for Irix's ultra-wide 11mm and 15mm primes. Like all profiles, these correct for distortion and vignetting.
An upcoming firmware update from DJI will cripple its drones unless they are 'activated' on the company's website. Live streaming will be turned off and flight radius/altitude will be limited.
Brent from ShareGrid rounds up the 10 most common products filmmakers are renting from one another for productions; chances are good you own one or more of them.
DaVinci Resolve is making strong moves to compete with Premiere and Final Cut Pro, including affordable control panels for colorists. According to Premium Beat, they're really good.
If you are not planning to fly your drone commercially you are not required to register it with the FAA anymore. This decision was handed down by a federal court in Washington, D.C.