Olympus to settle with ex-chief exec over misconduct

Stefan Mileschin · 31st May 2012, 08:10

As Olympus' recent accounting scandal finally begins to wind down, the guy who blew the whistle on the financial wrongdoings might actually be the one to make out like a bandit. Michael Woodford, former chief executive of the company, has settled out of court with his former employer over his unfair dismissal that occurred just two weeks after his appointment. The settlement still has to be approved by the mostly new board (read: the other guys got arrested), but the Financial Times speculates that it'll result in £10 million ($15.5 million) being awarded to Woodford, or what's left on his contract. Company stock prices are around half of what they stood at before the scandal. Suddenly all those Facebook shares you jumped on don't look so bad.

http://www.engadget.com/2012/05/30/o...hael-woodford/

31st May 2012, 08:10	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 148,408	Olympus to settle with ex-chief exec over misconduct As Olympus' recent accounting scandal finally begins to wind down, the guy who blew the whistle on the financial wrongdoings might actually be the one to make out like a bandit. Michael Woodford, former chief executive of the company, has settled out of court with his former employer over his unfair dismissal that occurred just two weeks after his appointment. The settlement still has to be approved by the mostly new board (read: the other guys got arrested), but the Financial Times speculates that it'll result in £10 million ($15.5 million) being awarded to Woodford, or what's left on his contract. Company stock prices are around half of what they stood at before the scandal. Suddenly all those Facebook shares you jumped on don't look so bad. http://www.engadget.com/2012/05/30/o...hael-woodford/

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