PR Whoops

Oops — Olympus Fires President, Reaction Causes $3B Loss

The camera-maker Olympus decided to fire its President last week — it might not have been such a great idea. They’ve already lost $3.2 billion as a result.

Olympus fired the 51-year-old British Michael Woodford, just a few months into his gig with the Japanese company. It’s fishy as to why exactly Woodford got the ax, and that means that traders are worried — and stock prices have plummeted. As we said, a $3.2 billion loss. In just two trading sessions.

It looks like Olympus is accusing Woodford of leaking information to the media — another reason that stock probably plummeted. He could also be accused of false accounting, financial assistance and breaches of duties by the board, Bloomberg says. Again — not a good sign for the company.

Additionally, Reuters explains, it’s rare for Japanese companies to fire top execs. Interesting, huh? That too, set off an alarm for traders.

TAGS: michael woodford | michael woodford olympus | olympus loses $3.2 billion | olympus president fired

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