canada goose CEO campaigns to oust board
NEW YORK/TOKYO (Reuters) The former chief executive of disgraced Olympus Corp, Michael Woodford, launched a campaign on Thursday to oust the board uk canada goose of directors, Canada Goose online reclaim his old job and bring in his own team to save the Japanese firm from a big accounting scandal.
Canada Goose sale Former Olympus Chief Executive Michael Woodford speaks during an interview with canada goose coats Reuters in New York November 30, 2011. REUTERS/Brendan McDermid
Woodford, who blew the whistle on accounting tricks at Olympus after he was sacked in October, said he was putting together a team of candidates for a new board and talking to shareholders about replacing the current leadership, hopefully by February.
But canada goose store the Englishman, who was a rare foreign CEO in Japan, denied he was considering an option to lead an overseas buyout of the 92 year old maker of cameras and medical equipment.
not trying to get involved to sell uk canada goose outlet Olympus to an American healthcare group or an overseas healthcare group. I don want to be a part canada goose of that, he said in response to reporters questions. He conceded he had been approached by several parties, but declined to speak to them.
canada goose coats wouldn be part of that. I don see that being feasible or attractive. I just want Olympus to have a board which is trusted and respected and get on with running the company. I am quite Japanese in that sense, he said.
Canada Goose Jackets won be aggressive or hostile in any way, he added.
canada goose coats on sale Woodford, speaking in New York where this week he met Federal Bureau of Investigations officials probing the Olympus scandal, said he had finally resigned from the Olympus board on Thursday in order to openly campaign for its removal.
canadian goose jacket He said he had spoken to some shareholders about options for a reconstituted board, and hoped Olympus would call a shareholders meeting to elect new directors by February, though he had yet to draw up his own team of directors.
think it would be very wise for the company to call a shareholder meeting quite Canada Goose Outlet quickly, said Jamie Allen, secretary general of the Hong Kong based Asian Corporate Governance Association, whose members include canada goose coats on sale institutional investors that collectively buy canada goose jacket manage assets of more than $10 trillion.
canada goose black friday sale there a lot of tension between the management and the shareholders and I don think it healthy if this continues for another seven months until their AGM in June.
canada goose clearance sale Woodford and the board, led by Canada Goose Coats On Sale Olympus President Shuichi Takayama, face a battle to see who canada goose uk black friday has more shareholder support, but the Englishman may face resistance from Japanese investors making up the bulk Canada Goose Jackets of the company share register.
DOMESTIC SHAREHOLDERS, PRIVATE EQUITY Some domestic shareholders believe he could have handled the affair less openly and aggressively.
possible, but I don think many Japanese investors would goose coats like Woodford to take over Olympus wholly, said Nanako Imazu, an analyst at CLSA in Tokyo. While most postings backed the campaign aims, some canada goose factory sale disagreed that a Woodford comeback would help.
Canada Goose Outlet you are doing is a desecration of the devotion shown by President Shuichi Takayama and the efforts of employees, who are doing their best to end the confusion, wrote one anonymous worker. can believe you want to bring back Michael Woodford, when Canada Goose sale you don know what he is really like.
Olympus has lost more than half its market value since firing Woodford on October 14, an canadian goose jacket event that prompted him to go public with canada goose uk shop concerns he said he had been raising internally over a string of dubious acquisition payments dating back five years.
canada goose clearance Woodford had remained a board director, however.
canada goose store Olympus admitted last month to hiding investment losses from its investors for two decades and using some of $1.3 billion spent on questionable deals to aid in the cover up.
buy canada goose jacket The stock Canada Goose Parka rose 2.3 percent on Thursday after Woodford comments, though the company still faces heavy writedowns and possible delisting from the cheap Canada Goose Tokyo stock market, a humiliation that could put it under pressure to sell core assets.
buy canada goose jacket cheap Private equity funds see canada goose uk outlet Olympus as a good potential opportunity for new investment in Japan and would be interested in either buying Olympus whole or its non medical businesses, say sources in the private equity industry.
canada goose deals Olympus main business https://www.canadagooseoutletmall.com is diagnostic endoscopes, which are used to peer inside patients and detect cancer and other buy canada goose jacket cheap diseases. It enjoys a near monopoly worldwide and is worth $2.6 billion in annual revenue.
always felt a buyout led by Woodford was a possible scenario, said Hideyuki Ishiguro, investment strategist at Okasan Securities. An investigative panel of experts, set up by Olympus after the scandal broke, is due to report its findings within days.
Some of Olympus main shareholders have cut their stakes, joining an initial rush of selling that left Wall Street bank, Goldman Sachs, a market maker in the stock, with a near 7 percent holding currently worth more than $200 million.
Goldman has said the holding is not strategic which could further erode shareholder support for canada goose clearance the existing Olympus board, which wants to preside over the initial clean up.
Nippon Life Insurance Co, previously Olympus biggest shareholder, has said it Canada Goose Online would continue to support Olympus, though it has cut its canada goose clearance sale holding to 5.11 percent.
Canada Goose online Big foreign investors want the board to leave, and Woodford to return to lead a clean up of the company.
cheap Canada Goose Southeastern Asset Management, the biggest canada goose black friday sale foreign shareholder with about 5 percent, said Olympus needed a new board with a majority cheap canada goose uk of independent directors.