Olympus fires its CEO- camera division now safe?

[geikou]

This is looking more like a whistle blower case. Earlier they denied the amount Woodford claimed, now they admit. Definitely something wrong.

 

[NazgulKing]

This is looking more like a whistle blower case. Earlier they denied the amount Woodford claimed, now they admit. Definitely something wrong.

The newspapers are going as far as calling it a 'scandal'.

 

[geikou]

Now the FBI is supposedly on the case too...

The F.B.I. is now investigating the $687 million payment, according to two people briefed on the case. The focus of the investigation is not yet clear, and a spokesman for the F.B.I. in New York, James M. Margolin, declined to comment.

“We are not aware of any investigation” in the United States over the Gyrus deal, said Yoshiaki Yamada, a spokesman for Olympus in Tokyo. He said he could not comment further, including whether Olympus had been contacted by United States authorities.

2 Japanese Bankers at Heart of Olympus Fee Inquiry - NYTimes.com

 

[packerx]

Followup news on this one.... Olympus head quits; watchdog probes firm on disclosure | Reuters

Rumors say that the yakuza crime syndicates were involved in this one

 

[rramesh]

New President of Olympus comes from the camera division and was CTO.

 

[geikou]

In an interview with Amateur Photographer (AP) magazine Woodford also revealed that he would retain the camera business if reinstated as Olympus boss.

So, if shareholders reinstate Woodford at the helm, where would this leave the camera division?

Since the controversy blew-up there has been speculation in the press that Olympus may sell off its camera business - retaining the much larger, more profitable, medical equipment arm.

'The camera business is stronger than it's been for several years but we have to see where Olympus's future goes,' he told AP.

'We have gone back into profit in the consumer business. I would keep it for the moment.

'If the business continues in its current form then “consumer” is certainly not in the area I am saying we should cut.'

Woodford hinted that he would have felt differently had he been in charge three or four years ago.

Though unwilling to make any long-term predictions, he feels that, in future, the camera side must be 'super-fit'.

Woodford, whose father was a photographer, joined Olympus KeyMed - which is based in Southend, Essex - in 1981 and worked his way up through the company.

Though he sees a big future for 'high-end superzoom' compact cameras it seems that Olympus's Pen-branded compact camera system (CSC) models have revitalised the business, and are key to the future of the camera division, giving it a platform to 'rebuild'.

'I am a great believer in product… we make world-beating cameras, wonderful lenses, sexy-styled bodies. We can do that – that's what I've learned as I've got closer to the camera business.'

However, he expressed frustration that Olympus did not have more resources to invest in a market that is becoming ever more competitive, and now pitching up against the likes of camera giant Nikon in the CSC arena.

Fired Olympus CEO: Why I would keep camera business, as scandal escalates news - Amateur Photographer - news, camera reviews, lens reviews, camera equipment guides, photography courses, competitions, photography forums

 

[Atarandas]

In an interview with Amateur Photographer (AP) magazine Woodford also revealed that he would retain the camera business if reinstated as Olympus boss.

So, if shareholders reinstate Woodford at the helm, where would this leave the camera division?

Since the controversy blew-up there has been speculation in the press that Olympus may sell off its camera business - retaining the much larger, more profitable, medical equipment arm.

'The camera business is stronger than it's been for several years but we have to see where Olympus's future goes,' he told AP.

'We have gone back into profit in the consumer business. I would keep it for the moment.

'If the business continues in its current form then “consumer” is certainly not in the area I am saying we should cut.'

Woodford hinted that he would have felt differently had he been in charge three or four years ago.

Though unwilling to make any long-term predictions, he feels that, in future, the camera side must be 'super-fit'.

Woodford, whose father was a photographer, joined Olympus KeyMed - which is based in Southend, Essex - in 1981 and worked his way up through the company.

Though he sees a big future for 'high-end superzoom' compact cameras it seems that Olympus's Pen-branded compact camera system (CSC) models have revitalised the business, and are key to the future of the camera division, giving it a platform to 'rebuild'.

'I am a great believer in product… we make world-beating cameras, wonderful lenses, sexy-styled bodies. We can do that – that's what I've learned as I've got closer to the camera business.'

However, he expressed frustration that Olympus did not have more resources to invest in a market that is becoming ever more competitive, and now pitching up against the likes of camera giant Nikon in the CSC arena.

Fired Olympus CEO: Why I would keep camera business, as scandal escalates news - Amateur Photographer - news, camera reviews, lens reviews, camera equipment guides, photography courses, competitions, photography forums

I doubt he can come back to helm Olympus, he has broken the family code in Japanese culture , despite him doing the right thing.

 

[NazgulKing]

I doubt he can come back to helm Olympus, he has broken the family code in Japanese culture , despite him doing the right thing.

The decision might not be up to the Olympus management, if any of them are left after all the clean up.