The entire board of scandal-tainted Olympus Corp. is resigning, and a new president and chairman were tapped Monday to lead a turnaround at the Japanese medical equipment maker.
The changes at Olympus, embroiled in controversy because of a cover-up of massive losses from the 1990s, will become final at the April 20 shareholders' meeting, it said in a statement.
Hiroyuki Sasa, 56, with experience in the company's key medical equipment business, will become president, it said. Yasuyuki Kimoto, 63, former executive at Sumitomo Mitsui Banking Corp., which is Olympus' main bank, will become chairman. Their appointments need shareholders' approval. Sasa promised to win back public trust, and carry out reforms to prevent a recurrence of the dubious bookkeeping that has sent Olympus shares plunging. He said governance will be beefed up, and the new 11-member board, named Monday, includes six outside members. (cbsnews.com)