Olympus investor calls for Woodford to be back in charge
Thursday 10 November 2011
Baillie Gifford, one of the largest investors in Olympus, has called on the troubled camera and endoscope maker to reinstate its ousted chief executive Michael Woodford.
The Edinburgh-based fund manager said: "What Olympus needs now is a thorough clean-up and we believe Michael Woodford is the best man for the job. The current management of Olympus has been discredited."
Mr Woodford was sacked by the Japanese group after he questioned the high level of fees collected by advisers on a number of acquisitions. Earlier this week the company admitted it has used such deals to hide losses for two decades.
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