Michael Woodford (executive)
Encyclopedia
Michael C. Woodford, MBE
(born 1960, age 51) is a British businessman and former President and CEO of Olympus Corporation
.
He was the first non-Japanese person to be appointed as the company's CEO. He became a central figure in the Olympus scandal
in 2011 after he was removed from that position after he questioned sizable fees Olympus made to obscure companies (that may have been used to hide old losses). He is one of the most highly placed executives to turn whistleblower
.
, and seeking answers as to why the transactions took place, he was fired from his position as President and CEO on 14 October 2011 (but kept his position as Director).
Fearing for his safety after his dismissal, he immediately left Japan and flew to England. After arrival in London he offered to speak to investigators.
He returned to Tokyo on 23 November (Japan time) and later met with investigators and, under police escort, Olympus personnel.
On 30 November 2011, Michael Woodford resigns from the Olympus board but says that he has an "alternative plan" to manage the company.
Order of the British Empire
The Most Excellent Order of the British Empire is an order of chivalry established on 4 June 1917 by George V of the United Kingdom. The Order comprises five classes in civil and military divisions...
(born 1960, age 51) is a British businessman and former President and CEO of Olympus Corporation
Olympus Corporation
is a Japan-based manufacturer of optics and reprography products. Olympus was established on 12 October 1919, initially specializing in microscope and thermometer businesses. Its global headquarters are in Shinjuku, Tokyo, Japan, while its USA operations are based in Center Valley, Pennsylvania,...
.
He was the first non-Japanese person to be appointed as the company's CEO. He became a central figure in the Olympus scandal
Olympus scandal
The Olympus scandal was precipitated on 14 October 2011 when British-born Michael Woodford was suddenly ousted as chief executive of international optical equipment manufacturer, Olympus Corporation...
in 2011 after he was removed from that position after he questioned sizable fees Olympus made to obscure companies (that may have been used to hide old losses). He is one of the most highly placed executives to turn whistleblower
Whistleblower
A whistleblower is a person who tells the public or someone in authority about alleged dishonest or illegal activities occurring in a government department, a public or private organization, or a company...
.
Biography
According to the Olympus website, Woodford, a graduate of Millbank Business School, joined KeyMed, a U.K. medical-equipment unit of Olympus, in 1981. He became Managing Director by the age of 30. In 2008 he became Executive Managing Director of Olympus Europa Holding GmbH. On 30 September 2011 Woodford was appointed Chief Executive Officer of Olympus Corporation, the appointment taking effect on 1 October. However, after discovering hundreds of millions of dollars had been transferred from Olympus to advisers and companies located in places such as the Cayman IslandsCayman Islands
The Cayman Islands is a British Overseas Territory and overseas territory of the European Union located in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica...
, and seeking answers as to why the transactions took place, he was fired from his position as President and CEO on 14 October 2011 (but kept his position as Director).
Fearing for his safety after his dismissal, he immediately left Japan and flew to England. After arrival in London he offered to speak to investigators.
He returned to Tokyo on 23 November (Japan time) and later met with investigators and, under police escort, Olympus personnel.
On 30 November 2011, Michael Woodford resigns from the Olympus board but says that he has an "alternative plan" to manage the company.