Last week a Reuters news report, headlined “Woodford says (he) could win fight for control of Olympus (Corp.),” quoted former Olympus CEO Michael Woodford as saying that he had a realistic chance of winning a battle for control of the scandal-hit company, that he had the support of two major shareholders, and that he believed a proxy fight could be avoided.
I wrote to Koji Miyata, who served on Olympus’ board from 1995 to 2006, to emphasize that emotion should be downplayed in considering Woodford’s reinstatement (as Olympus president/CEO); that Olympus is a takeover target; and that 10 to 12 good Japanese from within Olympus’ ranks should take the leadership.
By the time Japanese authorities get to a thorough investigation of Olympus’ past finances according to typical Japanese protocol, vulture funds could have stripped Olympus to the bone. Accept the fact that Olympus was grossly mismanaged. Put it in involuntary judicial management and ring-fence the tangible assets.
The opinions expressed in this letter to the editor are the writer’s own and do not necessarily reflect the policies of The Japan Times.
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