Olympus chairman steps down over scandal

City A.M. Reporter
Japan's scandal-hit Olympus Corp said its chairman and president Tsuyoshi Kikukawa has stepped down due to a series of media reports on the company's problems and a plunge in its share price.

Shuichi Takayama, a managing director of the company, was appointed to replace him as president.

Kikukawa had taken over as Olympus's chief executive after the company abruptly fired its British chief executive, Michael Woodford, on 14 October.

Shares of the camera and endoscope maker fell 7.6 per cent today and have lost more than half their value since Woodford was sacked.