Former Olympus boss Michael Woodford gets settlement

Now he has reached a settlement, what of the future for Michael Woodford, asks the BBC's Roland Buerk

Related Stories

Michael Woodford, the sacked British former chief executive of Olympus, has settled his claim of unfair dismissal with the Japanese camera firm.

Mr Woodford was fired last October after he questioned dubious payments made by the firm.

After initially denying the accusations, Olympus eventually admitted that it had hidden $1.7bn (£1.1bn) of losses over 20 years.

Mr Woodford was said to be asking for $60m from a tribunal in London.

But after a night of negotiations, Mr Woodford's lawyer told the employment tribunal judge that they had reached a settlement - likely to be worth millions - and that final agreement would depend on ratification by the Olympus board at a meeting on 8 June.

"I am not at liberty, under the terms of the agreement, to go into any detail," Mr Woodford said.

"But I genuinely hope that in the interests of Olympus, they can move forward and also that I can."

He was the first foreign boss appointed at Olympus and was fired two weeks into the job after persistently warning about corruption at the upper levels of the company.

Mr Woodford had written six letters to directors of the firm because of his concerns over business methods at Olympus

Since the accounting scandal came to light, the company's shares have plunged, its board resigned and the US, UK and Japanese prosecutors are investigating the company.

Mr Woodford said he would celebrate the settlement by going sailing.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More Business stories


Features & Analysis

  • French luxury Tea House, Mariage Freres display of tea pots Tea for tu

    France falls back in love with tea - but don't expect a British cuppa

  • Woman in swimming pool Green stuff

    The element that makes a familiar smell when mixed with urine

  • People take part in an egg-cracking contest in the village of Mokrin, 120km (75 miles) north of Belgrade, Serbia on 20 April 2014In pictures

    Images from around the world as Christians mark Easter Sunday

  • Female model's bottom in leopard skin trousers as she walks up the catwalkBum deal

    Why budget buttock ops can be bad for your health

Elsewhere on the BBC

  • ITChild's play

    It's never been easier for small businesses to get their message out to the world


  • An aerial shot shows the Olympic Stadium, which is closed for repair works on its roof, in Rio de Janeiro March 28, 2014.Extra Time Watch

    Will Rio be ready in time to host the Olympics in 2016? The IOC president gives his verdict

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.