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In no more than 500 words, please reflect on the case below.
You are not required to reflect on the case scenario from a business perspective.
Olympus Corporation is a Japan based manufacturer of optics and reprography products. The company is well known for its precision machineries and instruments, cameras, voice recorders, medical endoscopes and other medical devices.
British-born Michael Woodford, an Olympus veteran of 30-years, was the first non-Japanese person to be appointed as the company's CEO in 2011. He had been company president for six months, and two weeks prior had been promoted to CEO, when he exposed "one of the biggest and longgest-running loss-hiding arrangements in Japanese corporate history" known as the Olympus Scandal, according to the Wall Street Journal.
Amid this managemetn turmoil in the company, Tsuyoshi Kikukawa, the then-chairman of Olympus Corporation stepped down. Describing the allegations made by Woodford as " unforgivable", he said that Woodford was deliberately trying to damage the company's reputation, and was trying to oust the Board in order to reposition himself at the head of the company. |