Olympus' Kikukawa Quits as Axed Woodford Takes Complaint to FBI
Olympus Corp. Chairman and President Tsuyoshi Kikukawa quit after allegations over acquisitions wiped out more than half the company's market value in two weeks and as the chief executive officer he fired prepares to meet U.S. criminal investigators.
Shuichi Takayama, head of the unprofitable camera division, succeeded Kikukawa as president today, Olympus said in a statement to the Tokyo Stock Exchange. Kikukawa will remain as a director, it said.
Kikukawa's resignation after almost five decades at the camera and medical-devices company follows the ouster 12 days ago of Michael C. Woodford as president.