Sack Olympus board and I will return, says ex-boss

Ousted British chief executive urges Japanese firm's investors to cut out the 'cancer' at the top

The ousted Olympus chief executive, Michael Woodford, pledged yesterday to return if shareholders cut out the "cancer" at the company by removing the current board.

The Briton, who was fired just two weeks into his tenure as the Japanese firm's first foreign boss, urged investors to "take action and oust the board" by July's annual general meeting. He told The Independent: "Shareholders need to take the heat out of this situation and make things right."

Technically, Mr Woodford remains an Olympus employee, despite being stripped of his roles as president and chief executive at an emergency board meeting last Friday. At a hastily arranged press conference that day, the Olympus chairman, Tsuyoshi Kikukawa, blamed a culture clash and Mr Woodford's management style for the board's decision.

But Mr Woodford believes he was ousted after writing a series of letters raising "serious governance concerns" about four deals carried out by the company. His final letter called for Mr Kikukawa's resignation.

Yesterday, he said he would return if backed by shareholders: "If I did go back, and there was a new board, this really could be a new beginning for the company."

He said he still had a great affection for the company he served for 30 years, apart from the current management. "There are so many good people at the company, who are hugely worried about what has happened there. I do not want them cut adrift."

The equipment-maker's shares continued to tumble yesterday, falling by another 10 per cent. Olympus has lost more than 40 per cent of value since Thursday. Its investors, especially in the West, have become increasingly nervous as the losses mount, and have held meetings about how to respond.

"It all comes down to confidence in the management," Mr Woodford said. "What the company really needs now is to stabilise, and it will be able to do that as soon as the whole board is changed."

On Monday, Mr Woodford passed a series of documents to the Serious Fraud Office in London. These included the six letters he wrote to the board and a copy of an inquiry by the PricewaterhouseCoopers into Olympus's acquisition of Gyrus Group, where a third of the cost went to its adviser Axes.

He also raised concerns about three deals for small businesses that Olympus completed in 2008 for ¥70bn (£580m). A year later the company wrote down a similar sum as an impairment.

A spokesman for Olympus said last night: "All [mergers and acquisitions have] been carried out under appropriate procedures and processes as well as proper accounting practices."

He reiterated that the company was considering legal action against Mr Woodford "as one of the options". On Monday, the former chief executive had welcomed such a move, telling Olympus: "Come to the High Court."

News
John Travolta is a qualified airline captain and employed the pilot with his company, Alto
people'That was the lowest I’d ever felt'
Life and Style
healthIt isn’t greasy. It doesn’t smell. And moreover, it costs nothing
News
i100

Other places that have held independence referendums
Life and Style
fashion

Olympic diver has made his modelling debut for Adidas

PROMOTED VIDEO
Arts and Entertainment
Blossoming love: Colin Firth as Stanley and Emma Stone as Sophie, in 'Magic in the Moonlight'
film

Actors star in Woody Allen's 'Magic in the Moonlight'

News
peopleThe Times of India said actress should treat it as a 'compliment'
Arts and Entertainment
Maxine Peake plays Hamlet at Manchester's Royal Exchange
theatreReview: Maxine Peake brings emotional ferocity to Shakespeare's most starring part
News
London's New Year's Eve fireworks event is going to be ticketed this year for the first time at £10 a head
news

Revellers will have to pay to see New Year's Eve fireworks in London

News
news

Watch this commuter wage a one-man war against the Circle Line
Travel
travel

...and the perfect time to visit them

News
We are phenomenally good at recognising faces; the study showed that humans have been selected to be unique and easily recognisable
science

Human faces unique 'because we don't recognise each other by smell'

Property
Home body: Badger stays safe indoors
lifeShould we feel guilty about keeping cats inside?
News
ebooksAn unforgettable anthology of contemporary reportage
Sport
Jonas Gutierrez (r) competes with Yaya Toure (l)
football

Newcastle winger reveals he has testicular cancer - and is losing his trademark long hair as a result

News
A male driver reverses his Vauxhall Astra from a tow truck
news

Man's attempt to avoid being impounded heavily criticised

Arts and Entertainment
US pop diva Jennifer Lopez sang “Happy Birthday” to Gurbanguly Berdimuhamedow, president of Turkmenistan
musicCorporate gigs become key source of musicians' income
Arts and Entertainment
While many films were released, few managed to match the success of James Bond blockbuster 'Skyfall'
filmsDaniel Craig believed to be donning skis as 007 for first time
Student
The Guildhall School of Music and Drama is to offer a BA degree in Performance and Creative Enterprise
student

Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

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

iJobs Job Widget
iJobs Money & Business

Trainee Recruitment Consultant - Birmingham - Real Staffing

£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...

Recruitment Consultant - Soho - IT, Pharma, Public Sector

£20000 - £25000 per annum + OTE £35,000 first year: SThree: The SThree group i...

Sales Executive

£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...

Payroll & Accounts Assistant

£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...

Day In a Page

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
'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

Exclusive extract from Janis Winehouse's poignant new memoir
Is this the role to win Cumberbatch an Oscar?

Is this the role to win Cumberbatch an Oscar?

The Imitation Game, film review
England and Roy Hodgson take a joint step towards redemption in Basel

England and Hodgson take a joint step towards redemption

Welbeck double puts England on the road to Euro 2016
Relatives fight over Vivian Maier’s rare photos

Relatives fight over Vivian Maier’s rare photos

Pictures removed from public view as courts decide ownership
‘Fashion has to be fun. It’s a big business, not a cure for cancer’

‘Fashion has to be fun. It’s a big business, not a cure for cancer’

Donatella Versace at New York Fashion Week