Ex-Olympus boss awarded £10m payout

By PETER CRIPPS
Published on 09/06/2012 02:17

The former Olympus boss fired after blowing the whistle on an accounting scandal will receive a £10 million payout.

Michael Woodford, who lifted the lid on a £1 billion scandal, reached an 11th hour agreement with the Tokyo-based camera and medical equipment firm before a tribunal last month, but the size of his settlement has only now been revealed.

The 51-year-old from London was dismissed in October after he questioned exorbitant fees for advice on buying British medical equipment maker Gyrus and other expensive acquisitions in 2008.

He sued his former employer for unlawful firing and discrimination after the rest of the board met without hearing from him and kicked him out.

Meanwhile, Olympus unveiled a restructuring that will see it cut 2,700 jobs or 7 per cent of its global workforce.