Woodford abandons Olympus return
- 12 years ago
ROUGH CUT - NO REPORTER NARRATION
The former CEO of Olympus Corp, Michael Woodford, has abandoned his campaign to regain his former post and vows to sue Olympus for unfair dismissal.
"The basic is, you know, if I had remained at the company then you can't sue the company at which you are a director. So from a personal position the case was always clear if I wanted to walk off either by agreeing to a settlement with Olympus before we came to the show down or anytime there-after," Woodford told a group of reporters on Friday.
In a statement, Woodford said he was ending his three-month battle to regain the helm of Olympus, blaming lack of support from big Japanese shareholders.
Michael Woodford blew the whistle on a 1.7 billion U.S. dollar accounting fraud that rocked the once-proud maker of endoscopes and cameras, but failed to win over Japanese institutional shareholders including Olympus' main lenders.
"I am not superman, I can't change opinion in Japan in such a profound way. That has to come from within," he said.
"To me, it's a huge weight off my shoulders. It was something I was going to, something I wouldn't have care more passionately. It wasn't an ego thing, or a vanity thing. I just wish the company well," he added.
Olympus said in October it was sacking Woodford because he had failed to understand the company's management style and Japanese culture.
The former CEO of Olympus Corp, Michael Woodford, has abandoned his campaign to regain his former post and vows to sue Olympus for unfair dismissal.
"The basic is, you know, if I had remained at the company then you can't sue the company at which you are a director. So from a personal position the case was always clear if I wanted to walk off either by agreeing to a settlement with Olympus before we came to the show down or anytime there-after," Woodford told a group of reporters on Friday.
In a statement, Woodford said he was ending his three-month battle to regain the helm of Olympus, blaming lack of support from big Japanese shareholders.
Michael Woodford blew the whistle on a 1.7 billion U.S. dollar accounting fraud that rocked the once-proud maker of endoscopes and cameras, but failed to win over Japanese institutional shareholders including Olympus' main lenders.
"I am not superman, I can't change opinion in Japan in such a profound way. That has to come from within," he said.
"To me, it's a huge weight off my shoulders. It was something I was going to, something I wouldn't have care more passionately. It wasn't an ego thing, or a vanity thing. I just wish the company well," he added.
Olympus said in October it was sacking Woodford because he had failed to understand the company's management style and Japanese culture.