£10m payout for Olympus boss sacked for whistleblowing


The former Olympus boss fired after blowing the whistle on an
accounting scandal will receive a £10 million payout, it was confirmed

Michael Woodford, who lifted the lid on a £1 billion scandal, reached an 11th hour agreement with the Tokyo-based camera and medical equipment firm before a tribunal last month, but the size of his settlement was only revealed today.

The 51-year-old from London was dismissed in October after he questioned exorbitant fees for advice on buying British medical equipment maker Gyrus and other expensive acquisitions in 2008.

He sued his former employer for unlawful firing and discrimination after the rest of the board met without hearing from him and kicked him out.

The company has since admitted it hid 117.7 billion yen (£955 million) in investment losses dating back to the 1990s.

Mr Woodford said in a statement: "In today's settlement between myself and the company we reached a fair and amicable agreement, and I would like to take this opportunity to wish the new board well in taking Olympus forward.

"It is a wonderful company with wonderful products and people and has a bright future ahead of it."

Mr Woodford worked at the company for 30 years before becoming one of the few foreigners to lead a Japanese company.

In Japan, where whistleblowers and outspoken bosses are rare, he has been widely seen as a hero.

Mr Woodford initially ran a campaign to be reinstated as chief executive but has given up the fight for the sake of his wife. However, he has not ruled out returning to work in Japan.

Meanwhile, Olympus today announced a restructuring that will see it cut 2,700 jobs or 7% of its global workforce by the end of March 2014.

In addition, 40% of its 30 manufacturing plants around the world will be scrapped by March 2015 as part of cost-cutting plans.

It expects to scrape a profit of seven billion yen (£56.8 million) in the current year to the end of March, compared to a loss of 49 billion yen (£397.5 million) the previous year.


peopleFrankie Boyle responds to referendum result in characteristically offensive style
Arts and Entertainment
Highs and lows of the cast's careers since 2004
New Articles
i100... with this review
ebooksAn unforgettable anthology of contemporary reportage
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Senior BA - Motor and Home Insurance

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Market Risk & Control Manager

Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...

SQL Developer - Watford/NW London - £320 - £330 p/d - 6 months

£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...

Head of Audit

To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...

Day In a Page

Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam