Olympus sets date for crucial meeting
MICHAEL Woodford, the Olympus chief executive who was ousted in October when he revealed the company’s £1.1bn accounting fraud, has said he intends to attend the extraordinary shareholders’ meeting scheduled for 20 April.
A new management team is expected to be approved at this meeting, as 19 current and former Olympus executives are being sued by the Japanese camera maker.
Woodford said, “We remain unclear in definitive terms as to whether any of the current directors plan to put themselves forward again on a new slate, and also the names and backgrounds of new candidates.”
The meeting has been long-awaited as a potential turning point in the company’s grim trajectory.
Woodford called for a “suitably large venue”, saying that the meeting is likely to be attended by shareholders of all stake sizes and locations.
“It is highly likely there will be further revelations” before the EGM, he added.
Fujifilm stepped forward last week with the offer of a corporate alliance. Olympus will not respond until a new executive team has been selected at this meeting.