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Olympus renews board of director, Woodford says "it's a mockery".

Discussion in 'Micro 4/3 News and Rumors' started by mauve, Apr 20, 2012.

  1. mauve

    mauve Mu-43 Top Veteran

    892
    Mar 9, 2010
    Paris, France
    Hoping to leave the scandal behind, Olympus shareholders meeting just restated 5 years of accounts, making 4 billions worth of the company go *puf* at the strike of a pen.

    All the board of 11 directors has been renewed too.

    But british ex-CEO Woodford may file a suit against its former company, which sacked him for "gross misconduct" when he revealed the scandal last year. For him, those changes are cosmetic at best, as long as the capital structure of the company remains mostly a cosy haystack of cross participations between olympus and japanese banks, leaving the 30% participation of foreign investors in the hand of a corrupt system.

    UPDATE 3-Olympus eyes fresh start, ex-CEO mulls legal threat | Reuters

    The good news being that nonetheless, Olympus appears to be safe for now.

    Cheers,
     
  2. Ned

    Ned Mu-43 Legend

    Jul 18, 2010
    Alberta, Canada
    I think Woodford is the one who needs let go and make a fresh start.... xP His claims of neutrality are a mockery. Olympus has agonized and apologized endlessly to their shareholders and the rest of the world, but Woodford is still throwing a tantrum because he doesn't think they've apologized enough to himself personally. Get over it, man.
     
    • Like Like x 1
  3. songs2001

    songs2001 Mu-43 Top Veteran

    693
    Jul 8, 2011
    I agree, Woodward should get a fresh start, after he wins millions from Olympus.
     
  4. mauve

    mauve Mu-43 Top Veteran

    892
    Mar 9, 2010
    Paris, France
    Easier said than done. Woodford has been treated like sh*t although he was right from the start, he was ignominiously terminated (certainly without the benefits he should have gotten) and painted as a traitor although his prompt actions are perhaps the only reason Olympus still has a chance of recovering from that massive scandal. Plus he certainly holds stock options or shares representative of his past successful years that have lost almost all their value because of wrongdoings he wasn't guilty of.

    And he still has the backing of one third of Olympus' investors, those foreign from Japan.

    So, yes, if I were him, I'd be royally p*ssed to be forced to watch from an observer position the company I contributed to save keeping on the mafia business as usual, while being personally robbed of a couple millions.

    Japan in general seriously needs to reconsider their stance on fraud and corruption that are pervasive in the financial system, otherwise they're going to face a massive loss of trust from foreign investors.

    Cheers,
     
  5. Jonathan F/2

    Jonathan F/2 Mu-43 Hall of Famer

    Aug 10, 2011
    Los Angeles, CA
    As long as Olympus is making good cameras, and keeping afloat they can do what they want.
     
    • Like Like x 1
  6. MexicoMik

    MexicoMik Mu-43 Regular

    195
    Mar 19, 2012
    I figure that my new EP3 and lenses will continue to function whether Olympus goes out of business or not! :)
     
  7. pxpaulx

    pxpaulx Mu-43 All-Pro

    Jan 19, 2010
    Midwest
    Paul
    You know there was a whistleblower at UBS that outed the company for assisting high net wealth individuals hide their money in swiss bank accounts. Guess how the US Gov thanked him? jail, despite earning the IRS multiple millions of dollars in back tax income.

    My point is that if you expect to profit from being a whistle blower, you really shouldn't expect much more than a pat on the back for doing the right thing. The premise that he deserves millions from Olympus because he did the right thing is kind of without merit - that is almost like saying he deserves a piece of the corruption, because he outed the corruption itself.
     
  8. gsciorio

    gsciorio Mu-43 Top Veteran

    636
    Dec 29, 2011
    Miami, FL
    Now we know why the hood for the 12mm 2.0 is $90 :rofl:
     
    • Like Like x 1
  9. MikeB

    MikeB Mu-43 Regular

    125
    Jun 10, 2010
    Atlanta, GA
    Maybe I've missed some parts of the story, but I think he deserves millions from Olympus because they signed a contract to pay him millions, and Olympus broke the contract. Exposing corruption is not a valid excuse for breaking such a contract, so it's irrelevant to the legitimacy of the contract.

    Of course, maybe there's something in the wording of the contract that changes that, but that would seem to be an unlikely clause to insert. Besides, it would look kinda suspicious if your lawyer drew up a contract that read "We'll pay you $15 million over 3 years if you run our company, unless you expose any corrupt activity by the board of directors."
     
    • Like Like x 3
  10. steve16823

    steve16823 Mu-43 Regular

    181
    Sep 26, 2011
    Brookfield, IL
    The article you link does NOT say this.
     
  11. pxpaulx

    pxpaulx Mu-43 All-Pro

    Jan 19, 2010
    Midwest
    Paul
    I guess I happen to think that CEOs getting contracts for millions is corrupt itself :) Whistle blowing is inherently breaking that contract by exposing internal practices and secure corporate information though - I've no doubt his contract would have had a lengthy section dealing with such details.
     
  12. RichA

    RichA Mu-43 Regular

    120
    Mar 28, 2012
    I've dealt with companies who have done some pretty high-end business in Asia. If what happens at Olympus comes as shock to Woodford, then he really is a babe in the woods. I said it before, any action that isn't simply re-instatement of their previous behaviour would cause more attention to be paid and Olympus does not want that. What Woodford tried to overcome was a business culture hundreds of years old, for good or bad.
     
  13. mauve

    mauve Mu-43 Top Veteran

    892
    Mar 9, 2010
    Paris, France
    Yes, you're right. They've written off a 2 billions loss, give or take, and that's the market value of the company that has fallen from 4 billions.

    Big deal for the investors, I'm sure they appreciate the difference at face value.

    Cheers,
     
  14. Al.

    Al. Mu-43 Veteran

    372
    Jul 3, 2010
    Hull, East Yorkshire, UK
    Alan
    Woodward has been named,' Person of the year', by the Financial Times (FT), Annual Boldness in Buisness Awards
     
  15. RichA

    RichA Mu-43 Regular

    120
    Mar 28, 2012
    Hey! I wonder if they still own the moisturizer manufacturing company they bought? :)
     
  16. dhazeghi

    dhazeghi Mu-43 Hall of Famer

    Aug 6, 2010
    San Jose, CA
    Dara
    No, he deserves money from Olympus because they fired him for doing his job - it's called wrongful termination for a reason.

    DH
     
    • Like Like x 3
  17. phrenic

    phrenic Mu-43 All-Pro

    Sep 13, 2010
    Exactly. Being fired for being a whistle blower is wrong and merits compensation. Amazing to see Olympus apologists. You can like their Pen series without excusing them for fraud and screwing over thousands of shareholders..
     
    • Like Like x 1
  18. songs2001

    songs2001 Mu-43 Top Veteran

    693
    Jul 8, 2011
    Woodward wasn't fired for being a whistle blower, he became a whistle blower after he was fired trying to get his job back.

    Woodward really had no choice but to go public, if he let it go, he'll be blamed for the massive fraud coverup.

    He also claimed that there were criminal elements that wanted him dead.

    Say what you want about the guy, he wanted to save his company, the other share holders decided to sell out and dilute the company.
     
  19. pxpaulx

    pxpaulx Mu-43 All-Pro

    Jan 19, 2010
    Midwest
    Paul
    When did I become an apologist?! I despise corporate culture, it is wrought with entitlement and overcompensation, and a depth of corruption that I believe not one of us could ever begin to imagine. If I understand the situation correctly (as noted above), he only blew the whistle to save his own ass - that is hardly what I would call a martyr. I am most definitely also not saying Olympus is an angel, at high levels every company is filled with greed, this guy just wants his own undeserved piece of the pie is all that I am saying. Nobody (ok, I'm sure there might be a few responsible company heads, they are few and far between) at the top of any corporation truly deserves the compensation they allot themselves.
     
  20. pxpaulx

    pxpaulx Mu-43 All-Pro

    Jan 19, 2010
    Midwest
    Paul
    I think you've been watching too many rose-y movies, unfortunately (and truly, sadly) that is not how the world works. I highly doubt he had a 'you'll be compensated for divulging corporate secrets for the sake of blowing the whistle to save your own hide' clause to his contract. The court would side for the company for disclosing company sensitive information, plain and simple.