Olympus Head Steps Down Amid Merger Fee Scandal

Law360, New York (October 26, 2011, 12:24 PM EDT) -- The head of Olympus Corp. resigned Wednesday after a scandal over exorbitant advisory fees for its takeover of a British medical instruments maker cost his company more than half of its market value — about $4.6 billion — and riled shareholders.

In hopes of appeasing shaken shareholders, Olympus Chairman and CEO Tsuyoshi Kikukawa gave up the top post just 12 days after he pushed out short-lived CEO Michael Woodford, who was ousted Oct. 14 after questioning why the company had paid $687 million in 2008 for...
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