Saturday May 26, 2012

Ex-Olympus CEO returns to Japan to meet investors, DPJ

Crime ( 26 )

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Former Olympus chief Michael Woodford will meet investors and members of the ruling Democratic Party of Japan AFP

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26 Comments

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  • 2

    some14some

    Welcome Back, Merry Christmas at Olympus Headquarters. Now pls open Pandora's box and reveal Japanese Myth.

  • 4

    namabiru4me

    I still don't understand how the current president can say that the current leadership can "pave a way forward to rebuild the company" when they are "rotten" and "contaminated."

  • 1

    Nicky Washida

    Sigh - they are STILL trying to wriggle their way out of it, smooth things over, hope the fuss will die down.

  • 2

    sf2k

    wow management haha... they're not going to realize what happened until the locks are changed and their pay stopped. Japan Inc turns out to be a fraud

  • 0

    NetNinja

    It is dying down Nicky. After the all the Bonenkais and inebriation that follows, the people will forget their distrust of their companies. The holidays will wash away all the animosity. 2012 will bring a new flood of scandal that we are all looking forward to.

    Olympus is done. We'll get a recap sometime late next year but the hot winds have passed.

  • 0

    gaijinTechie

    @namabiru4me, they don't get it, they are deaf and blind to the world around them. Employees of Olympus should get a hint that Olympus is sinking and their "captain is certainly not going to take one for the company nor waiting to be last to the lifeboats". The professionals should evacuate as soon as possible to other companies that are not heading to a wall.

    Delist and rebuild, there is no other way back to the top. Japan Inc will never survive in the real world.

  • -3

    smithinjapan

    Woodward: Here's how you do it. Set up the current execs to take the fall, and then tell the DPJ how business governance needs to be reformed. BUT, do it subtley, and in a way that makes them think THEY came up with the idea. Then praise them, and let them know the world will praise them, and it's a done deal. If you just come in shooting from the hip the reaction will be ears covered, staring at the ceiling and singing lalalalala! while they conclude they don't need foreign input in domestic affairs.

  • -10

    rickyvee

    is anyone else getting sick of woodford's antics? give it a rest already.

  • 5

    Yubaru

    rickyvee....antics? I would say you are off the mark. Here is a guy that dedicated his life to one company, worked his way to the top and found out that when he got there everything he found was built on a house of cards.

    Evidently the guy has to have loyalty to the company he worked for so many years, anyone that can't see that is blind. His loyalty is to the company and not the arrogant board that thought it could do no wrong.

    I would personally like to see more people like him, Japanese or otherwise, pull more "antics" like his and get their corporations moving forward and pull this country out of it's malaise.

    If he was Japanese and I had a vote, I'd vote for him for PM!

  • 0

    smithinjapan

    rickyvee: "is anyone else getting sick of woodford's antics? give it a rest already."

    What you should be sick of are the antics and corruption of Japanese businesses, one thing Woodward is trying to change. It's obvious he's been right about every claim he's made so far, after the company denied it, so we should be listening to the man, and instead be 'sick of the company'.

  • -7

    rickyvee

    "everything he found was built on a house of cards?"

    he merely exposed an accounting scandal. that doesn't seem like "everything" to me. the company is STILL a valuable maker of medical equipment and cameras. they STILL have hard working workers. so to me it seems like he only uncovered lackadaisical governance by the board.

    but he seems more like a publicity seeker everyday who wants his old job back. he can't really believe that the majority of japanese shareholders in the company want him back. he's delusional if he does.

  • -2

    SushiSake3

    The headline made me laugh - invokes thoughts of 'Darth Vader returns to the Galactic Federation.'. :-)

  • -1

    SushiSake3

    Reform the board?

    AKB48 - we have a new mission for you!

    'Documentary of AKB48 Taking Over Board Olympus.'

    Yip! :-)

  • 1

    GW

    rickyV

    I think your take on this is lackadaisikal, not exacty what olypus or Japan need right now!

  • -2

    Elvensilvan

    That's right, today's the deadline for Olympus' financial report. Is Woodford here to "countercheck" the report? What has he been doing for the past several weeks since he resigned?

    If I remember correctly, he went to the United States right before he resigned. Could he have hatched his scheme while he was there?

    By the way, advanced merry Christmas Mr Woodford and family (wherever they are)!

  • 0

    gogogo

    at an appropriate time… after they pave a way forward to rebuild the company

    Total BS, get the curruption out, you can't have a second chance, get rid of the "rotten" (their own words) now.

  • -3

    T_rexmaxytime

    This guys wants to be back in the CEO position so badly! I do not think he is worth it!

  • -3

    T_rexmaxytime

    The Olympus stocks are regaining points back again..in the danger of getting delisted.

  • -5

    T_rexmaxytime

    If mr.Woodford became the CEO of Olympus back again, I would sell the Olympus stock full power... Olympus will fall even harder!!

  • 0

    Riffraff

    After the report, current president Shuichi Takayama said the firm’s executives would be replaced “at an appropriate time… after they pave a way forward to rebuild the company.”

    As long as these guys are in place, I bet the shredder blades are glowing cherry red in a manner that would make Ollie North proud. Did I miss the pictures on TV of the guys in suits hauling out box after box of documents as usually happens in a case like this? If I were one of the major shareholders in this company, I would be demanding they give the guy his job back, it is the only way to ensure that my investment is not squandered in creative book keeping and squirreled away in some board member's pocket.

  • 2

    NetNinja

    At first you're the hero, now you're the enemy. The crowd is fickle indeed.

  • 0

    moomoochoo

    This reminds me of that childhood story, "The emperors new clothes."

  • 0

    moomoochoo

    EDIT: emperor's

  • 1

    Yubaru

    If mr.Woodford became the CEO of Olympus back again, I would sell the Olympus stock full power... Olympus will fall even harder!!

    Ahh I see another person who believes everything they read in the press about the perfection and infallibility of Japanese corporation presidents and CEO's. Too bad, so sad.

  • -2

    codomo

    so, when the Woodford's making attempt of breaking up olympus and stealing their technology will finish?

  • 0

    anglootaku

    A foreigner teaching corporate governance in Japan, now that's funny

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