Olympus shares suffer as former CEO goes on the attack
Former Olympus CEO Michael Woodford has launched a scathing attack on the company, following his removal from his post. Olympus had said Woodford was removed from his post over a difference in strategic direction between him and the rest of the Board of Directors. In a frank interview with the Financial Times, Woodford calls this 'utter nonsense' and states his belief that his removal relates to an investigation he had commissioned, into unusual payments and his suggestion that the board's Chairman and Vice Chairman should stand down over the issue. In response to suggestions that Olympus may try to prosecute him for disclosing this information, Woodford says: 'Bring it on.'
Olympus' explanation for the dismissal is given below, while the New York Times has published the letter Woodford says led to his removal as CEO. Meanwhile, the Financial Times has released an astonishingly blunt video interview with the former CEO, during which he says he has submitted his report to the UK Serious Fraud Office for investigation.
Shares in the company have fallen more than 30% since Friday, which is unlikely to spell good news for the loss-making camera division that makes up 16% of the company's sales.
|Former CEO Michael Woodford and Chairman Tsuyoshi Kikukawa pose for the company's 2011 Annual Report|
Olympus Corporation Resolved Dismissal of President Michael C. Woodford
Olympus Corporation (the "Company") would like to provide notification that the Board of Directors resolved at its Board of directors' meeting held today to dismiss the Company president as of today, as outlined below.
1. Reason for the Change
Michael C. Woodford has largely diverted from the rest of the management team in regard to the management direction and method, and it is now causing problems for decision making by the management team.
Hence, judging that realisation of the 2010 Corporate Strategic Plan with its slogan of "Advancing to the Next Stage of Globalisation" would be difficult to achieve by the management team led by Woodford, all the board directors attending today, except for Woodford himself who could not participate in the voting due to special interest, unanimously resolved the dismissal from his office of the representative director, President and Chief Executive Officer (dismissal from the office of the representative director, President and Chief Executive Officer and stays as director without executing right.) Along with this, it was also resolved that the representative director, Chairman Tsuyoshi Kikukawa double as the representative director, President and Chief Executive Officer.
Global management that Olympus aims is to implement management rules, information management and operation that are common throughout the world in order to establish a business infrastructure that is more efficient and quick to respond while making the most of a Japanese style management that sets a high value on people, technology and pride of monozukuri or manufacturing. To this end, all our employees will head for the same direction as we will urgently start establishing a new structure to go towards the same goal with the entire staff as one.
2. Contents of the Change
|Representative Director, Chairman, President and Chief Executive Officer||Tsuyoshi Kikukawa||Representative Director and Chairman|
|Director||Michael C. Woodford||Representative Director, President and Chief Executive Officer|
Sep 25, 2014
Sep 18, 2014
Sep 16, 2014
Sep 15, 2014
|Douaumont Ossuary by Eric 54-BNF|
from Armistice Day
|Silhouette at sunset by Jill Hancock|
from Portrait Lens (around 80mm or equivalent - please check the full rules)
Sigma is discounting 13 different high-performance 'Art' series lenses from today until November 30th. The company is calling it an 'unprecedented' sale.
See DJI's 'AeroScope' drone-tracking technology in action. This is the system that DJI says can help law enforcement and airport (among others) track and identify rogue drones.
iPhone X owners can already accessorize their new phone with high-quality smartphone photography lenses courtesy of Moment's new lineup.
Considering buying Sigma's exciting new 16mm F1.4 DC DN Contemporary lens for crop-sensor E-Mount and M43? Check out these official full-res samples first!
Vimeo has just added support for 8K HDR 10-bit content, making it possible to show up to 75% of the colors the human eye can perceive vs the usual 35%. Take THAT YouTube.
The holidays are coming, but your gear ain't fly? You gotta hit us up and read our treat yo' self guide.
We're counting down our top 10 most popular sample galleries of 2017, and sitting pretty at #5 is the Fujifilm X-T20.
See some of the most iconic black-and-white photographs throughout history brought to life by a community of colorization enthusiasts and professional retouchers in the new book Retrographic.
Shopping for a photographer? Whether you are one yourself or not, chances are you could use some ideas. From stocking stuffers on up, we've got some photography gift suggestions for every budget.
We're counting down our top 10 most popular sample galleries of 2017. Drum roll please... the #6 spot belongs to none other than the Sigma 85mm F1.4 DH HSM Art.
Read the story behind this gorgeous wedding photo captured at Trolltunga in Norway by husband and wife duo Priscila Valentina Photography. The 14 hour hike in the rain that preceded this shot was TOTALLY worth it.
Go behind the scenes with filmmaker Nick Arcivos, who recently created a beautiful cinematic short film in Paris using only the iPhone X, a couple of gimbals, and a few lights. The results are very impressive.
A Bay Area startup offering a pay-by-the-photo camera service cleverly addresses the pain points photographers experience when they pick up their first DSLR. But can it survive the smartphone?
It's been a big year for software innovations, dual cameras and huge displays. Take a look at our picks for the top smartphone cameras and why we think they stand out.
We're counting down our top 10 most popular sample galleries of 2017. At the #7 spot is the ready-for-any-weather Olympus Tough TG-5.
By combining his skills as a time-lapse filmmaker and an engineer, Julian Tryba created this out-of-this-world creative 'layer-lapse' of New York City that alternates between night and day in time with the music.
Canon Japan's new lineup of novelty camera-themed gifts was just revealed online, including a lens mug and lens thermos, two retro camera-themed USB drives, and a picnic mat.
The Profoto A1 most certainly isn’t for everyone [...] But for those who are used to using the Profoto systems, and want something that pairs seamlessly with the strobes you already have, there is no better companion.
Fujifilm has asked a US district court to clear it of any wrongdoing, after allegedly being threatened with trademark litigation by Polaroid.
While a couple of our reviewers are out testing the Sony a7R III in Arizona, back in Seattle we slapped the camera in front of our studio scene to get a close look at its image quality. See how it stacks up against the competition.
We're counting down our top 10 most popular sample galleries of 2017, and the #8 ranking belongs to the Nikon D7500.
B+W has announced a new aluminum filter holder that offers three slots so users can use multiple filters at the same time. The holder goes with the 2mm thick 100mm square filters it launched earlier this year.
8K video is coming a lot faster than you think, and Blackmagic is ready for it. Meet the DeckLink 8K Pro, a new high performance PCI-E capture and playback card built to handle 'real time high resolution 8K workflows.'
"Glass is everywhere in photography. From Eugène Atget’s reflective vitrines to Lee Friedlander’s sly self-portraiture, photographers have long been in thrall to the visual complications glass can inject into a composition."
Former Apple Aperture lead developer Nik Bhatt has designed an iOS app called RAW Power that lets you edit raw photos from your professional camera using your phone and tablet.... color us intrigued.
Advertising photographer Blair Bunting got his hands on the new Microsoft Surface Book 2, and it blew him away. Bye bye MacBook Pro...
The OnePlus 5T retains many of the 5's features and specs, but comes with an edge-to-edge display and a dual-camera that is optimized for low light.
Sony's recently announced IMX461 backside illuminated medium format sensor will bring 100MP resolution and almost 2x the speed to the next-gen Fuji GFX and Hasselblad X1D.
With the ‘Rent a Hasselblad’ camera equipment renting program, the camera makers is aiming to give enthusiast and professional photographers easier access to its medium-format photography products.
They say seeing is believing, and that's exactly what happened when one DPR staffer took the Google Pixel 2 out for an afternoon shooting under challenging conditions.