The ex-CEO of Olympus attended what he called a tense but civilised board meeting today with the directors who had sacked him, and said all hoped the firm could avoid being delisted over the scandal engulfing it.
But Michael Woodford, still an Olympus director despite being fired as CEO a month ago and blowing the whistle over the accounting scam, said there had been no talk of him returning to lead a clean-up of the once-proud maker of cameras and endoscopes.
"We had a constructive and honest exchange," Mr Woodford, a Briton, told about 50 reporters and TV crews that had waited for him to emerge from Olympus's central Tokyo headquarters.
"There is clearly a shared desire that the company's not delisted."
Olympus had fired Mr Woodford, a rare foreign CEO in Japan, alleging he had failed to adapt to Japanese culture and the company's management style. Mr Woodford says he was axed for questioning dubious merger and acquisition payments.
He later said in a group interview that the directors at the meeting had sought to be civilised, but tension was in the air. There were no handshakes - and no apology, he added.
"There was a tension in the room, but there seemed to be an understanding that it was in no one's interest to raise the temperature," he said. "They didn't shake my hand and I didn't offer mine. We said good morning and goodbye."
The 51-year-old had left Japan after his dismissal citing concerns for his safety, amid speculation that organised crime was involved in the scandal.
Olympus first denied any wrongdoing, but later admitted it had hidden investment losses from investors for two decades and used some of $1.3 billion in M&A payments to aid the cover-up.
Mr Woodford said after today's board meeting that the top priority was for Olympus to meet a December 14th deadline for filing its financial statements for the six-months to September - after which, he added, current management should go.
The 92-year-old company would be automatically delisted if it misses the December 14th deadline, though the Tokyo Stock Exchange might still delist the firm, depending on the scale of its past misstatements or if a link is found to "yakuza" gangsters.
A third-party panel appointed by Olympus to look into the accounting scam said this week that it had not yet found any evidence of involvement by organised crime.
The board meeting followed news last night that two Olympus directors and an internal auditor blamed for the scandal had quit and that the current management was ready to step down once the firm's recovery was on track.
Backed by some big shareholders, Mr Woodford has repeatedly said he is willing to reclaim the top job and lead a clean-up.
Reuters
