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Woodford drops comeback bid as Olympus president

TOKYO, Japan - File photo taken in Tokyo on Dec. 15, 2011, shows former Olympus Corp. President and Chief Executive Officer Michael Woodford. He said on Jan. 6, 2012, that he will give up his bid to regain the presidency of the scandal-mired optical and medical equipment maker.

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Olympus OM-D E-M1

TOKYO, Japan - A woman holds the OM-D E-M1, a new high-end mirrorless camera unveiled by Olympus Corp. during a press conference in Tokyo on Sept. 10, 2013.

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Olympus OM-D E-M1

TOKYO, Japan - Photo shows the OM-D E-M1, a new high-end mirrorless camera unveiled by Olympus Corp. during a press conference in Tokyo on Sept. 10, 2013.

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Olympus returns to black in FY 2012

TOKYO, Japan - Hiroyuki Sasa, president of Olympus Corp., holds a press conference in Tokyo on May 15, 2013, to release the company's earnings for fiscal 2012. Olympus said it returned to the black in the year ended March 31, 2013, with a group net profit of 8.02 billion yen, compared with a loss of 48.99 billion yen in the previous year, due partly to an improvement in its medical business.

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Sony, Olympus set up medical joint venture

TOKYO, Japan - Toru Katsumoto (L), president of Sony Olympus Medical Solutions Inc., shakes hands with Takashi Fukaya, executive vice president of the new company, at a press conference in Tokyo on April 16, 2013. Sony Olympus Medical Solutions is a joint venture formally established the same day by merging the medical businesses of Sony Corp. and Olympus Corp., with an eye to marketing new endoscopes and other medical equipment.

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Camera show in Yokohama

YOKOHAMA, Japan - Visitors view Olympus Corp. products at the four-day camera and photo imaging show CP+2013 which began in Yokohama, near Tokyo, on Jan. 31, 2013.

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Sony-Olympus tie-up

TOKYO, Japan - Sony Corp. Kazuo Hirai (L) and Olympus Corp. President Hiroyuki Sasa hold a press conference in Tokyo on Oct. 1, 2012, on their new tie-up. Hirai said his company aims to achieve sales of more than 200 billion yen from the medical business through the new tie-up.

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Sony-Olympus tie-up

TOKYO, Japan - Sony Corp. Kazuo Hirai (L) and Olympus Corp. President Hiroyuki Sasa shake hands in a press conference in Tokyo on Oct. 1, 2012, on their new tie-up. Hirai said his company aims to achieve sales of more than 200 billion yen from the medical business through the new tie-up.

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Woodford loans discovered

TOKYO, Japan - Photo shows Michael Woodford, former president of Japanese camera and medical equipment maker Olympus Corp. The company said June 29, 2012, it has corrected its financial statements again after finding that Woodford borrowed 384 million yen from a British subsidiary. Olympus was hurt by the scandal that surfaced when Woodford exposed the fact the company had hidden huge investment losses for years.

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Olympus shareholders' meeting

TOKYO, Japan - A man enters the venue of a shareholders' meeting of Olympus Corp. in Tokyo on June 28, 2012. Olympus President Hiroyuki Sasa pledged to shareholders to make utmost efforts to restore trust and improve its corporate value after the Japanese camera and medical equipment maker was hurt by an investment loss coverup scandal.

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Olympus to cut 2,700 jobs

TOKYO, Japan - Olympus Corp. President Hiroyuki Sasa speaks during a press conference in Tokyo on June 8, 2012. Olympus announced a five-year business plan to cut around 2,700 jobs by March 2014 and scrap about 40 percent of its 30 plants worldwide by March 2015 to improve its financial standing following the revelation of its investment loss coverup.

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Ex-Olympus CEO Woodford eyes legal action

TOKYO, Japan - Michael Woodford, former president and chief executive officer of Olympus Corp., speaks at the Japan National Press Club in Tokyo on April 20, 2012. Woodford said he may seek to nullify in a Japanese court the approval given for the company's new management at its extraordinary shareholders' meeting.

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Olympus shareholders meeting

TOKYO, Japan - Michael Woodford, dismissed president and chief executive officer of Olympus Corp., answers reporters' questions before the company's extraordinary shareholders meeting in Tokyo on April 20, 2012. Olympus is seeking approval of its new management lineup and past financial statements which have been corrected, as it aims to make a fresh start after a scandal involving the covering up of investment losses.

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Ex-Olympus CEO to vote against new management

TOKYO, Japan - Michael Woodford, former president and chief executive officer of Olympus Corp., gives a speech at Tokyo's Foreign Correspondents' Club of Japan on April 19, 2012. Woodford said he will vote against part of the company's newly designated management at an extraordinary shareholders meeting the following day.

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Ex-Olympus CEO eyes 'surprise' action

WASHINGTON, United States - Michael Woodford, former president and chief executive officer of Olympus Corp., is interviewed by Kyodo News in Washington on April 2, 2012. He said he is planning to launch a ''surprise'' action at an extraordinary shareholders meeting of the Japanese camera and medical equipment manufacturer slated for April 20, opposing a proposed new management lineup.

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Olympus to sell new medical equipment products

TOKYO, Japan - Photo taken March 21, 2012, in Tokyo shows a new gastrointestinal videoscope to be launched by Olympus Corp. beginning in April in overseas markets.

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Sasa to become next Olympus president

TOKYO, Japan - Hiroyuki Sasa, executive officer of Olympus Corp., holds a press conference in Tokyo on Feb. 27, 2012. The Japanese camera and medical equipment maker said the same day it has decided to appoint Sasa to succeed President Shuichi Takayama, who will step down to take responsibility for the company's loss coverup scandal.

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Ex-SMBC director Kimoto

TOKYO, Japan - File photo shows Yasuyuki Kimoto, a former senior managing director of Sumitomo Mitsui Banking Corp. Olympus Corp. is making final arrangements to appoint Kimoto as its chairman as part of efforts to turn around the company's management following a scandal in which the Olympus covered up losses, company sources said on Feb. 22, 2012.

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Ex-Olympus CEO Woodford at press conference

LONDON, Britain - Michael Woodford, former president and chief executive officer of Olympus Corp., gives a press conference in London on Feb. 16, 2012, following the arrest of former Olympus Chairman and President Tsuyoshi Kikukawa, two other former executives and a former securities company employee on suspicion of falsifying the company's financial reports in its massive investment loss coverup.

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Olympus head office in Tokyo

TOKYO, Japan - Photo taken in November 2011 shows the building housing the headquarters of Olympus Corp., a Japanese camera and medical equipment maker, in Tokyo's Shinjuku Ward. Prosecutors on Feb. 16, 2012, arrested former Olympus Chairman and President Tsuyoshi Kikukawa, two other former executives and a former securities company employee on suspicion of falsifying the company's financial reports in an investment loss coverup.

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Fujifilm joins race to be Olympus partner

TOKYO, Japan - Shigehiro Nakajima, representative director of Fujifilm Holdings Corp., holds a press conference in Tokyo on Jan. 30, 2012. Nakajima said the company has proposed a capital and business tie-up with Olympus Corp., joining competition with Sony Corp. and others to become a business alliance partner for the scandal-tainted optical equipment manufacturer.

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Olympus survives as publicly traded company

TOKYO, Japan - Makoto Minoguchi, official of Tokyo Stock Exchange Group Inc., speaks at a press conference in Tokyo on Jan. 20, 2012. He said the bourse has decided not to delist Olympus Corp. despite the camera and medical equipment maker's accounting fraud.

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Olympus Pres. Takayama, 5 other executives to resign

TOKYO, Japan - Olympus Corp. President Shuichi Takayama bows at the outset of a press conference in Tokyo on Jan. 18, 2012. Takayama said he and five other board members who are being sued by the company to pay damages for the company's accounting fraud will resign at an extraordinary shareholders meeting in late April.

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Ex-Olympus chief Kikukawa

TOKYO, Japan - Undated file photo shows former Olympus Corp. Chairman and President Tsuyoshi Kikukawa. Olympus has filed a damages suit against Kikukawa and current and former executives over the concealment of massive investment losses, sources familiar with the matter said Jan. 9, 2012.

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Woodford named British paper's Businessperson of the Year

LONDON, England - British paper The Independent, in its Dec. 23, 2011 issue, reports it has selected former Olympus Corp. President Michael Woodford as Businessperson of the Year in recognition of his fightback after he was sacked for blowing the whistle on the company's fraudulent activities.

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Olympus raided

TOKYO, Japan - Prosecutors head to the apartment of former Olympus Corp. Chairman and President Tsuyoshi Kikukawa in Kawasaki, Kanagawa Prefecture, for a search on Dec. 21, 2011. Investigators searched offices and locations related to Olympus the same day on suspicion of falsification of financial reports in connection with the coverup of the company's massive investment losses.

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Hitachi Pres. Nakanishi in interview

TOKYO, Japan - Hitachi Ltd. President Hiroaki Nakanishi is interviewed at the company's head office in Tokyo on Dec. 20, 2011. He said that it is unlikely Hitachi will invest in Olympus Corp. or buy its medical equipment business as Hitachi foresees no synergistic benefits with its own medical business.

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Woodford at press conference

TOKYO, Japan - Michael Woodford, former president and chief executive officer of Olympus Corp., holds a press conference at the Japan National Press Club in Tokyo on Dec. 15, 2011.

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Olympus executives bow in apology over scandal

TOKYO, Japan - Olympus Corp. President Shuichi Takayama (far L) and other executives of the camera and medical equipment maker bow at a press conference in Tokyo on Dec. 15, 2011, in a gesture of apology for accounting fraud involving a coverup of colossal losses.

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Olympus to hold shareholders' meeting

TOKYO, Japan - Olympus Corp. President Shuichi Takayama speaks in a press conference in Tokyo on Dec. 15, 2011. He said the company, which is mired in a financial loss coverup scandal, plans to hold an extraordinary shareholders' meeting in March or April 2012.

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Woodford at DPJ meeting

TOKYO, Japan - Michael Woodford, former president and chief executive officer of Olympus Corp., attends a meeting of ruling Democratic Party of Japan members to discuss corporate governance in Tokyo on Dec. 14, 2011.

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Woodford at LDP meeting

TOKYO, Japan - Michael Woodford, former president and chief executive officer of Olympus Corp., attends a meeting of Liberal Democratic Party members to discuss corporate governance at the opposition party's headquarters in Tokyo on Dec. 14, 2011.

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Woodford at LDP meeting

TOKYO, Japan - Michael Woodford (R), former president and chief executive officer of Olympus Corp., attends a meeting of Liberal Democratic Party members to discuss corporate governance at the opposition party's headquarters in Tokyo on Dec. 14, 2011. Former Chief Cabinet Secretary Yasuhisa Shiozaki is seated next to Woodford.

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Olympus president Takayama

TOKYO, Japan - Olympus Corp. President Shuichi Takayama gives a press conference at a hotel in Tokyo on Dec. 7, 2011, after a panel set up by the company released a report the previous day on Olympus' coverup of investment losses.

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Ex-Olympus CEO Woodford

LONDON, Britain - Michael Woodford, former president and chief executive officer of Olympus Corp., speaks at a press conference in London on Dec. 6, 2011.

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Panel reports on Olympus' loss coverup

TOKYO, Japan - Lawyer Tatsuo Kainaka, chairman of a third-party panel set up by Olympus Corp. to probe the company's coverup of investment losses, holds a press conference in Tokyo on Dec. 6, 2011, to announce the findings of the panel's investigation.

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Panel reports on Olympus' loss coverup

TOKYO, Japan - Lawyer Tatsuo Kainaka (C), chairman of a third-party panel set up by Olympus Corp. to probe the company's coverup of investment losses, and other panel members hold a press conference in Tokyo on Dec. 6, 2011, to announce their findings.

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Ex-Olympus head Woodford interviewed by U.S. investigators

NEW YORK, United States - Former Olympus Corp. President Michael Woodford (L) is pictured on his way to the U.S. Attorney's Office in New York on Nov. 29, 2011. The Federal Bureau of Investigation and other U.S. investigators later interviewed him there as part of their probe related to the Japanese firm's coverup of investment losses.

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Ex-Olympus head Woodford interviewed by U.S. investigators

NEW YORK, United States - Former Olympus Corp. President Michael Woodford is pictured in New York on Nov. 29, 2011, after being interviewed by the Federal Bureau of Investigation and other U.S. investigators as part of their probe related to the Japanese firm's coverup of investment losses.

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EX-Olympus CEO Woodford leaves Japan

NARITA, Japan - Former Olympus Corp. President and Chief Executive Officer Michael Woodford speaks to reporters at Narita airport in Chiba Prefecture on Nov. 26, 2011, prior to his departure to the United States to meet U.S. authorities to cooperate in a probe related to the company's coverup of investment losses. During his stay in Japan, Woodford met with Japanese investigative authorities and attended an Olympus board meeting.

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Ex-Olympus chief Woodford attends board meeting

TOKYO, Japan - Michael Woodford (C), former chief executive officer and president of Olympus Corp., answers reporters' questions in front of the company's headquarters in Tokyo on Nov. 25, 2011, after attending a company board meeting for the first time since his dismissal in mid-October after calling into question dubious acquisitions by the firm.

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Ex-Olympus chief Woodford attends board meeting

TOKYO, Japan - Michael Woodford, former chief executive officer and president of Olympus Corp., speaks during an interview at a hotel in Tokyo on Nov. 25, 2011. He later attended a company board meeting for the first time since his dismissal in mid-October after calling into question dubious acquisitions by the firm.

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Ex-Olympus chief Woodford attends board meeting

TOKYO, Japan - Michael Woodford (C), former chief executive officer and president of Olympus Corp., is surrounded by reporters while heading for the company's headquarters in Tokyo on Nov. 25, 2011. He later attended a company board meeting for the first time since his dismissal in mid-October after calling into question dubious acquisitions by the firm.

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Ex-Olympus chief Woodford in Tokyo

TOKYO, Japan - Michael Woodford, former chief executive officer and president of Olympus Corp., makes a speech in Tokyo on Nov. 24, 2011. Woodford was visiting Japan to meet with Japanese investigative authorities probing the camera and medical equipment maker's coverup of investment losses.

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Ex-Olympus chief Woodford in Tokyo

TOKYO, Japan - Reporters swarm around Michael Woodford (far R), former chief executive officer and president of Olympus Corp., after he visited the Metropolitan Police Department in Tokyo on Nov. 24, 2011. Woodford met with Japanese investigators over the camera and medical equipment maker's coverup of investment losses.

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Ex-Olympus chief Woodford in Tokyo

TOKYO, Japan - Michael Woodford, former chief executive officer and president of Olympus Corp., meets reporters after visiting the Metropolitan Police Department in Tokyo on Nov. 24, 2011. Woodford met with Japanese investigators over the camera and medical equipment maker's coverup of investment losses.

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Ex-Olympus chief Woodford in Tokyo

TOKYO, Japan - Michael Woodford, former chief executive officer and president of Olympus Corp., meets reporters after visiting the Metropolitan Police Department in Tokyo on Nov. 24, 2011. Woodford met with Japanese investigators over the camera and medical equipment maker's coverup of investment losses.

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Ex-Olympus chief Woodford meets Japanese prosecutors

TOKYO, Japan - Michael Woodford, former chief executive officer and president of Olympus Corp., heads for the Tokyo District Public Prosecutors Office in Tokyo on Nov. 24, 2011. Woodford met with Tokyo prosecutors later over the camera and medical equipment maker's cover-up of investment losses.

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Ex-Olympus chief Woodford meets Japanese prosecutors

TOKYO, Japan - Michael Woodford, former chief executive officer and president of Olympus Corp., is surrounded by reporters before entering the building (R) of the Tokyo District Public Prosecutors Office in Tokyo on Nov. 24, 2011. Woodford met Tokyo prosecutors later over the camera and medical equipment maker's cover-up of investment losses.

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Ex-Olympus chief Woodford arrives in Japan

NARITA, Japan - Michael Woodford, former chief executive officer and president of Olympus Corp., meets reporters upon arrival at Narita airport near Tokyo on Nov. 23, 2011. Woodford arrived in Japan to meet with Japanese investigative authorities probing the camera and medical equipment maker's coverup of investment losses.