PROFESSIONAL LUNCHEON
Michael Woodford, Olympus Corporation, Ex-CEO

The speech and Q & A will be in English

By now, Michael Woodford's story should be a familiar one to FCCJ members. The British national's firing last October as chief executive of Olympus, and the subsequent exposure of $1.7billion in accounting fraud at the venerable manufacturer of cameras and endoscopes, was Japan's biggest business story of 2011. Some of it unfolded right here at the Club: Mr. Woodford's news conference in November drew a record crowd of 341 journalists, associate members and guests, and established him as an engaging storyteller as well as a dauntless corporate whistleblower.

Half a year after the Olympus scandal emerged, Mr. Woodford returns to report on developments in his life since then – he has just published a book in Japanese, Kainin ("Dismissal"), recounting his experience – and to deliver his verdict on changes at his former company. On April 20, Olympus will seek approval from shareholders for a new board of directors: executives who were in charge when the books were cooked will go, and most of their replacements will hail from outside the firm, including the new chairman. Yet critics complain that the overhaul does not go far enough, and that the new regime favors Olympus insiders and bankers over shareholders. Mr. Woodford, for his part – who will attend the meeting as a regular shareholder – has hinted at a "surprise" action that could disrupt management’s plans…

Michael Woodford, Olympus Corporation, Ex-CEO