Scandal-hit Olympus names new president
February 27, 2012
The new president of scandal-hit camera maker Olympus is Hiroyuki Sasa, the company is expected to confirm in a press conference this morning.
Sasa has worked as head of development and marketing at Olympus’s medical systems division.
Meanwhile, Olympus has selected Yasuyuki Kimoto, a former executive at Olympus’s main lender Sumitomo Mitsui Banking Corp, as its next chairman, reports Reuters.
The 11 new directors, whose election will first have to be approved at a shareholders’ meeting on 20 April, will likely take up their new positions in the face of ongoing international probes into a £1.1 billion accounting cover-up.
Kimoto’s selection as new chairman is expected to face criticism from foreign investors, amid claims of a possible conflict of interest, given his connections with Olympus’s bank, according to reports.
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