Olympus says CEO steps down after allegations of illegal drug purchase (updated)

OLYMPUS

28/10/2024 01:31

(Recasts with share reaction)
       TOKYO, Oct 28 (Reuters) - Japanese medical equipment
maker Olympus Corp  7733.T  said on Monday that Chief Executive
Stefan Kaufmann has stepped down after allegations he purchased
illegal drugs, sending its shares sharply lower.
    "Upon receiving an allegation that Mr. Stefan Kaufmann had
purchased illegal drugs ... Olympus, in consultation with
outside legal counsel, immediately investigated the facts," the
company said in a statement.
    "Based on the results of the investigation, the Board of
Directors unanimously determined that Mr. Stefan Kaufmann likely
engaged in behaviours that were inconsistent with our global
code of conduct, our core values, and our corporate culture."
        Following the board decision, Kaufmann was asked to
offer his resignation and he complied, the statement said.      
    Reuters was unable to reach Kaufmann for comment.    
    Yasuo Takeuchi, a director who has formerly helmed the
company, will carry out the duties of the CEO for the time
being, Olympus said.
    Olympus shares tumbled 5.7% in morning trade,
underperforming the Nikkei average  .N225  which was up 1.6%. 

 (Reporting by Kiyoshi Takenaka; Editing by Christopher Cushing
and Edwina Gibbs)
 ((kiyoshi.takenaka@thomsonreuters.com; +81 3 4563 2788;))