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Entire Olympus Corporation (OCPNF) Board Resigns Amid Scandal; Taps New Leader


2/27/2012 10:03:03 AM

The entire board of scandal-tainted Olympus Corp is resigning, and a new president and chairman have been tapped to lead a turnaround at the Japanese medical equipment maker. The changes at Olympus, embroiled in controversy because of a cover-up of massive losses from the 1990s, will become final at the April 20 shareholders' meeting, it said in a statement on Monday. Changes to the board had been expected. Hiroyuki Sasa, 56, with experience in the company's key medical equipment business, will become president, it said. Yasuyuki Kimoto, 63, former executive at Sumitomo Mitsui Banking Corp, which is Olympus' main bank, will become chairman. Their appointments need shareholders' approval.

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