Olympus fired CEO and President Micheal Woodford. Well, if you don’t do your job perfectly, what can you really expect?
This firing part had caused the company’s stock price. They are down for 17%. Micheal Woodford was acused by the board of ignoring the management culture and tradition that this brand has for 92 years. His replacement is Tsuyoshi Kikukawa. He had something to say about this problem:
“We hoped that he could do things that would be difficult for a Japanese executive to do, but he was not able to understand that we needed to reflect the management style we have built up since the company was established 92 years ago, as well as Japanese culture.”
The core of the problem was that Mr Woodford had a habit to give orders straight to the employess rather than the leadership of the different units.
I wish good luck to Olympus with their new President and hope that they’ll recover their losts. Good luck!