September 27, 2020

Things Are Turning Out Okay for Ex-Olympus CEO, Less So for Current Olympus Employees

Former Olympus CEO Michael "Go ahead and fuck with me, I'm from Liverpool" Woodford took a big risk blowing the whistle on the $1.5 billion accounting fraud at his old employer. In a show of thanks for finding the booboo, the company promptly fired him. A questionable strategy it seems because Mr. Woodford sued Olympus and that worked out quite well for him:

Former Olympus Corp. Chief Executive Michael Woodford will receive 10 million pounds (1.2 billion yen, $15.4 million) in a settlement over his dismissal from the Japanese camera and medical equipment maker.
Unfortunately for those currently employed by Olympus, many of them will soon be joining Woodford as ex-employees of the company:
Olympus also said Friday it will cut 2,700 jobs, or 7 percent of its global work force, by the end of March 2014 as part of its cost-cutting efforts. It will scrap about 40 percent of its 30 manufacturing plants around the world by the end of March 2015.

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