14 Oct '11, 7am

Olyumpus have fired their CEO and president - after just six months

TOKYO - Olympus fired its chief executive and president Michael Woodford over the Briton's management of the camera and endoscope maker, sparking a 17-per-cent plunge in the firm's share price today. Mr Woodford, 51, took over as president in April after 30 years at the company, becoming one of only a handful of non-Japanese to run a large Japanese corporation. In a blunt statement, the board of Olympus said Mr Woodford "has largely diverted from the rest of the management team in regard to the management direction and method and it is now causing problems for decision-making by the management team". Mr Woodford - who in a recent magazine interview was equally blunt about his management style - told Reuters in May he would cut jobs to achieve his mid-term cost targets and reverse a slump in earnings while avoiding forced redundancies in Japan for cultural reasons. Japanese...

Full article: http://www.todayonline.com/Business/EDC111014-0000518/Oly...

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