Tsuyoshi Kikukawa, the embattled boss of Olympus, has bowed to investor pressure by resigning as president and chairman of the Japanese camera maker amid intensifying scrutiny of allegedly large payments made for acquisitions under his leadership.
The decision seemed intended to appease investors who had driven the company’s share price down by more than half since its former chief executive, Michael Woodford, revealed the alleged payments following his dismissal two weeks ago.
Olympus shares fell a further 7.6 per cent on Wednesday before Mr Kikukawa announced his resignation after the market closed. The 70-year-old said in a statement that he would remain an Olympus director, while repeating his contention that he had done “absolutely nothing improper”.