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:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Fuelling Change

REUTERS SHOWCASE

NSEL Fraud

NSEL Fraud

Govt orders Financial Tech to absorb NSEL, liabilities  Full Article 

Stalemate

Stalemate

WTO prepares for crisis talks as India keeps veto on global deal.  Full Article 

Deal Talk

Deal Talk

Smartphone repair company B2X steps up expansion with Indian deal.  Full Article 

Earnings Season

Earnings Season

HDFC Bank eyes pickup in corporate credit.  Full Article 

JLR China

JLR China

JLR sees 20 percent growth in China sales this year - exec  Full Article 

Iron Ore Imports

Iron Ore Imports

JSW Steel to boost iron ore imports by up to 80 percent.  Full Article 

Pollution Levels

Pollution Levels

Delhi braces for worst air quality this Diwali week.  Full Article 

Remembering Margerie

Remembering Margerie

Total’s "Big Moustache"- bon vivant, deal-maker and risk-taker .  Full Article 

Reuters India Mobile

Reuters India Mobile

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