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Olympus ex-CEO not "begging" to return

2011-11-26 35 Dailymotion

A rock-star return on Friday to the company that fired him -- if only for a short meeting.<br/> Michael Woodford may be back in Japan -- but he says he's certainly not begging for his job.<br/> (SOUNDBITE) (English) MICHAEL WOODFORD, FORMER CEO OF OLYMPUS, SAYING:<br/> "I'm not obsessed about returning back - I've got a wonderful legal position and I will be comfortably well off. We'll win the case. I was sacked for gross misconduct, any of you who look at the case. So if I'm not wanted back -- and it's the shareholders who'll make the decision -- then that's fine by me."<br/> Woodford got the boot from the top job at Olympus a month ago, after blowing the whistle on a series of dubious deals.<br/> The company has since admitted to using some of 1.3 billion dollars of acquisition payments to cover up investment losses.<br/> But Olympus still maintains it sacked Woodford after he failed to adapt to Japanese culture and the company's management style.<br/> Now, with Olympus fighting to avoid delisting, some major shareholders are calling for his return.<br/> (SOUNDBITE) (English) MICHAEL WOODFORD, FORMER CEO OF OLYMPUS, SAYING:<br/> "Would the institutions believe there is transparency and honesty if I was the Chief Executive? Would the institutions believe there was transparency and honesty, that's the most important point. Are our accounts realistic, is what's been said?"<br/> Olympus stock has rebounded 77 percent in just the last four days -- on rumours that the company can escape delisting.<br/> But it's still worth less than half the value it had the day before Woodford's dismissal.<br/> Ruairidh VIllar, Reuters

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