Woodford agrees settlement with ex-employer Olympus
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)
- Tweet this
- Share this
- Digg this
India's battle with inflation and weak economic growth became more challenging on Thursday with a sharp spike in the cost of food driving the highest retail price rises on record and a worse-than-anticipated contraction in industrial production. Full Article
Amount of dirty money leaving developing world jumped 14 pct in 2011 - report. Full Article