Woodford agrees settlement with ex-employer Olympus
LONDON, May 29 – 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 of Japan’s biggest corporate frauds.
The deal today came after a delay to an employment hearing in London that was set to throw an unwanted spotlight back on an US$1.7 billion (RM5.36 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 (picture) 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 in the event the board does not ratify the deal, the case will be reopened. – Reuters