| Michael Woodford | |
|---|---|
| Born | Michael C. Woodford 12 June 1960 UK |
| Nationality | British |
| Known for | Olympus scandal |
Michael C. Woodford, MBE (born 1960, age 51) is a British businessman and former President and CEO of Olympus Corporation.[1]
He was the first non-Japanese person to be appointed as the company's CEO.[2] Within two months, he became a central figure in the Olympus scandal, having been removed from his position after he questioned sizable fees that Olympus had paid to obscure companies (which appear to have been used to hide old losses). Woodford is one of the most highly placed executives to turn whistleblower.[3]
According to the Olympus website, Woodford, a graduate of Millbank Business School, joined KeyMed, a U.K. medical-equipment unit of Olympus, in 1981. He became Managing Director by the age of 30. In 2008 he became Executive Managing Director of Olympus Europa Holding GmbH.[4] On 30 September 2011 Woodford was appointed Chief Executive Officer of Olympus Corporation, the appointment taking effect on 1 October.[5] However, after discovering that hundreds of millions of dollars had been transferred from Olympus to advisers and companies located in places such as the Cayman Islands, and seeking answers as to why the transactions took place, he was fired from his position as President and CEO on 14 October 2011 (but kept his position as Director).[6]
Fearing for his safety after his dismissal, he immediately left Japan and flew to England. After arrival in London he offered to speak to investigators.[7] He returned to Tokyo on 23 November and later met with investigators and, under police escort, Olympus personnel.[8]
On 30 November 2011, Michael Woodford resigned from the Olympus board but said that he had an "alternative plan" to manage the company.[9]