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TECHNOLOGIES: Leaded by a financial scandal, Olympus Appoints New Executive

 

AFP - The general meeting of shareholders of Olympus cameras of Japanese company embroiled in a financial scandal, on Friday approved the appointment of a new board of eleven members , whose president and CEO.

Accordingly, Hiroyuki Sasa has access to the post of chief executive of the group, and Yasuyuki Kimoto, a former CEO of the Sumitomo Mitsui Bank, chairing the board of directors.

After a few hours before the resignation of the previous board members, a vote was taken at a special general meeting to allow shareholders to decide on proposals for a reform committee. 

This circle was mandated by management to change the outgoing governing bodies to put an end to collusion that led to disguise financial losses for years.

"The original proposal (composition board) has been approved," said CEO resigned, Shuichi Takayama, after three hours of Assembly critics have stolen.

Approval of eleven new members, six from outside the group, was uncertain given the opposition of institutional investors in the appointment of several people approached, tried to bunch of banks. 

However, the banks and other large Japanese shareholders have expressed to the contrary suggested choices, the candidate for president being derived from the banking, as well as administrators .

The British fired former CEO in October, Michael Woodford, who no longer has any function in Olympus but remains a shareholder, had said he would vote against four of the 11 people running for various positions within Board.

At the meeting, a shareholder has submitted, unsuccessfully, an amendment to the original proposal of the Board voted for Mr. Woodford returns to lead the group. The person was a time cherished this ambition but had given it up at the lack of supporting major capital owners of Olympus.

A thousand shareholders, a record for the firm, attended the special meeting that ends a long episode of the case and is expected to give a fresh start to burnish the group's image, even though the investigation of wrongdoing in Japan, the United States and Great Britain are not yet complete.