Whistle-blowing Olympus CEO seeks new board

by Rose Orlik

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12 Dec 2011

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A man in the outdoors holding Olympus binoculars

FORMER OLYMPUS CEO Michael Woodford is visiting Japan to drum up support for a new board to lead the scandal-hit firm.

Ejected for exposing questionable accounting at the 92-year-old camera maker, Woodford will need the backing of shareholders and investors, Reuters reported.

Japanese stock holders have yet to publicly back the executive, who at one point believed his life to be in danger if he stayed in Japan.

The current Olympus board, almost all of which has served since the creative accounting began in the 1990s, said it plans to stay in place for now.

In an attempt to deal with corruption concerns, the board appointed an independent panel to investigate controls and management within the company.

The panel, composed of five lawyers and an accountant, slammed the board and criticised auditors KPMG and Ernst and Young for their part in the scandal.

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