
- •Case study: Strategic Management
- •Info block 2: case study scenario Olympus scandal
- •So what do you think?
- •External growth
- •Woodford's presidency
- •Questionable acquisitions
- •Structure of Gyrus commission
- •Company's own disclosures
- •Resignations
- •Auditors
- •Law enforcement and regulators' interest
- •Stakeholders' reactions
- •Governance concerns
- •Other commentary
- •Info block 2: case study major players list of people involved in the Olympus scandal
- •Olympus insiders Michael c. Woodford
- •Tsuyoshi Kikukawa
- •Shuichi Takayama
- •Hisashi Mori
- •Hideo Yamada
- •Third parties Hajime Sagawa
- •Akio Nakagawa
- •Akinobu and Nobumasa Yokoo
- •Info block 3: case study international media comments
- •Source: reuters.Com The Culture Was Corrupt at Olympus, Panel Finds
- •(B) Source: financial times Olympus management ‘rotten at the core’
- •(C) Source: cnn
Tsuyoshi Kikukawa
Kikukawa, Tsuyoshi "Tom" (菊川剛), born on 27 February 1941, was educated at Keio University, where he graduated in Political Science, Dept. of Law in March 1963.[5] His management style is regarded as a 'Western', and is credited with having considerably changed the corporate culture of Olympus.
Kikukawa joined Olympus Optical Co., Ltd. (as Olympus Corporation was then known) in October 1964. In June 1993, he became Managing Director responsible for Public Relations & Advertising Dept. and DI Project and was made director and member of the main board.[5] Kikukawa spent considerable time in the United States, where he foresaw the demand for the digital SLR. He is credited with the company's strategy in digital photography – he fought for commitment by Olympus to enter the market in high-resolution photographic products. As a result of his efforts, Olympus released an 810,000-pixel digital camera for the mass market in 1996, when the resolution of rivals' offerings was less than half. The very next year, Olympus hit the market with a 1.41 million pixel camera. By 2001, the company's annual turnover from digital photography was in excess of ¥100 billion.[6] In recognition of the success in digital photography that he championed within the firm, Kikukawa was promoted to managing director in 1998 and president in April 2001.[5][6] He resigned as president on 26 October 2011.[7] Ahead of the much-awaited board meeting on 25 November, Kikukawa announced his resignation from the board.[8]
Shuichi Takayama
Takayama, Shuichi Ph.D. (高山修一) became the chief executive officer and president of Olympus Corporation on the resignation of Tsuyoshi Kikukawa as a result of the Olympus scandal and occupies executive or directorate-level positions in other Olympus subsidiaries. He joined the Company in April 1970 and previously served as Director of Human Resources, Managing Executive Officer, Senior Managing Executive Officer and Manager of Life & Industrial System Company [9]
Hisashi Mori
Mori, Hisashi (森久志英)[10] was Executive Vice President of Olympus Corporation until his resignation in November 2011. Mori joined Olympus in April 1981. He became General Manager, Finance Division since July 2001, and headed General Corporate Planning Office since April 2002; he was made General Manager of Corporate Planning Headquarters at Olympus Corporation in April 2005.
Mori served as a main board director of Olympus Corporation from June 2006[11] until his resignation in November 2011 due to the scandal.[8] Mr. Mori served as a part-time director of ITX Corporation from June 2003 to June 2005, and was its full-time director since June 2007.[11]
Hideo Yamada
Yamada, Hideo (山田秀雄)[10] was Executive Managing Officer and Executive Officer of Olympus. He was a Standing Corporate Auditor of Olympus Corporation until November 2011.[12] Yamada, who enjoyed observer status on the board, resigned.[8]
Third parties Hajime Sagawa
Sagawa, Hajime "Jim" (佐川) is a graduate of Keio University.[13]
In 1978, he met his future wife in Tokyo, where she was teaching English and met him when she went to a concert where his band was playing; at the time he worked at Nomura Research Institute. They married a year later, and moved to New York soon afterwards. Sagawa worked for four years at Nomura Securities International in the early 1980s;[13] he was employed at Drexel Burnham Lambert, and later became head of mergers and acquisitions at Sanyo Securities America in the 1980s.[14] Sagawa spent six years at Paine Webber from 1991 until he was laid off in 1996, when he cofounded his own brokerage firm, Axes America, in 1997 according to securities filings.[13] SEC filings from 2002 through 2005 show his firm's revenue never exceeded $445,000, all paid by offshore entities owned by the members of Axes. In 2006 Axes signed its first contract with Olympus, and received fees of $3.2 million; fees in 2007 amounted to $7.7 million and $24.2 million in 2008, most of which was from Olympus. Finra records show that Sagawa became sole owner of the firm in 2007.[13]
Sagawa and his wife divorced "by mutual agreement" in early November 2011. Through the divorce settlement, Sagawa received $1.5 million in assets, while his wife received $9.9 million, including the $2.5 million marital home in Boca Raton[13] which was transferred to his wife for $10. Since the scandal broke, he is said to be in the Cayman Islands.[15]