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British President and CEO Michael Woodford. According to Chuan Chuangang, chairman of Olympus, the main reason for the dismissal of Woodford is its management style conflicts with other senior management personnel of the company.
Michael Woodford (Michael C. Woodford)
The 51-year-old Woodford spent 30 years at Olympus. According to him, on the 15th, the Olympus board of directors dismissed him because he was involved in the investigation of the company's 2006-2008 acquisition.
About two weeks ago, Woodford hired an external audit firm, PricewaterhouseCoopers, to investigate Olympus's nearly 800 million U.S. dollars purchase of three small companies from 2006 to 2008, one of which was Humalabo Corp, a manufacturer of creams and nutritional supplements. One is AltisCo, a medical waste recycling company. There is also a NewsChef Inc, which produces microwaveable food packaging. . These acquisitions caused Olympus to pay too high purchase prices and consulting fees, which may have a financial weakening effect on the company. However, an Olympus spokesperson claimed that all the mergers and acquisitions were conducted using reasonable audits and completed in accordance with a reasonable process.
In addition, Woodford told the Wall Street Journal before he was dismissed that he had urged Olimpus chairman Kikugawa to resign because of serious company management issues.
The removal of the CEO incident stimulated Olympus's share price to drop by as much as 18% on October 14th. This, together with Woodford's disclosure of the dismissal, caused the company's stock price to close at 1555 yen on the 17th, a drop of 24%. Olympus currently has a market value of approximately $5.5 billion. Analysts said that Olympus’s stock price plummeted when the CEO was suddenly fired and the direction of company management was not clear.