Olympus Corp. said Wednesday all of its current board members will step down and new independent committees will determine the specific involvement of former and current executives in the company's coverup of huge losses.
At a news conference in Tokyo, President Shuichi Takayama said executives found responsible for hiding the losses will be sacked, but he avoided clarifying the timing of when the board will exit.
While Olympus is still scheduled to hold its regular shareholders' meeting in June, it is expected to hold an extraordinary meeting of investors as early as February, according to Kyodo News.