Woodford agrees settlement with ex-employer Olympus

LONDON Tue May 29, 2012 4:01pm IST

Former Olympus President and CEO Michael Woodford reacts as he speaks to the media after attending Olympus Corp's extraordinary shareholder meeting in Tokyo April 20, 2012. REUTERS/Toru Hanai/Files

Former Olympus President and CEO Michael Woodford reacts as he speaks to the media after attending Olympus Corp's extraordinary shareholder meeting in Tokyo April 20, 2012.

Credit: Reuters/Toru Hanai/Files

Stocks

   

LONDON (Reuters) - Michael Woodford, the ousted Olympus chief executive, has reached an out-of-court settlement with his former Japanese employer for unfair dismissal on grounds of whistleblowing and uncovering one Japan's biggest corporate frauds.

The deal on Tuesday came after a delay to an employment hearing in London that was set to throw an unwanted spotlight back on an $1.7 billion accounting fraud that cost the camera-to-endoscope maker its board and reputation.

The terms of the settlement were not immediately disclosed, but the payout was expected to run into the millions of pounds.

Woodford was seeking compensation for up to 10 years lost earnings at CEO level, according to reports, after he was sacked, ejected from his apartment and told to take the bus to the airport after just weeks in the top job.

The settlement is subject to approval by Olympus's board when it meets on June 8, and it the event the board does not ratify the deal, the case will be reopened.

(Reporting by Kirstin Ridley; Writing by Simon Meads; Editing by Jon Loades-Carter)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

OBAMA'S VISIT

Reuters Showcase

Coal Mining

Coal Mining

India to open coal to commercial mining firms soon, minister says  Full Article 

RBI Loan Rules

RBI Loan Rules

RBI relaxes overseas loan recast rules   Full Article 

E-commerce Firms

E-commerce Firms

Amazon, e-commerce rivals fuel commercial property boom in India  Full Article 

Growth Forecasts

Growth Forecasts

Indian economic growth forecasts pegged back, despite rate cuts: Reuters Poll.  Full Article 

Uber is Back

Uber is Back

Uber back in Delhi; govt says must await approval.  Full Article 

Markets at Record

Markets at Record

Sensex rises to record after ECB stimulus programme.  Full Article 

Pharma Sector

Pharma Sector

Ipca Labs hit by FDA ban on plant for standard violations.  Full Article | Related Story 

Forex Reserves

Forex Reserves

India FX reserves at record high as RBI fortifies defences  Full Article 

QE for Euro Zone

QE for Euro Zone

ECB launches 1 trillion euro rescue plan to revive euro economy.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage