Bloomberg News

Olympus Shareholder Harris Says Woodford Should Return

November 07, 2011

Nov. 8 (Bloomberg) -- David Herro, chief investment officer of Harris Associates LP, said Michael C. Woodford should return to Olympus Corp. to rebuild the management after the company today said it used fees paid to advisers on a takeover to hide losses from investments in the 1990s.

“The investigation must continue to determine how much rot there is,” Herro said in an e-mailed comment to Bloomberg News. “And all responsible must, at a minimum, leave. Also, since the management’s credibility is nearly nonexistent, all of what they say must be verified.”

To contact the reporter on this story: Naoko Fujimura in Tokyo at nfujimura@bloomberg.net

To contact the editor responsible for this story: Anand Krishnamoorthy at anandk@bloomberg.net


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