Bloomberg News

Olympus to Seek Approval of New Board

February 27, 2012

Olympus Corp. (7733) proposed an 11-member board to replace President Shuichi Takayama and other directors following the Japanese camera maker’s admission of a 13-year cover-up of investment losses.

Hiroyuki Sasa, 56, head of marketing at the medical systems unit that is now Olympus’s biggest earner, was nominated as president, the Tokyo-based company said in a statement yesterday. Shareholders will vote in April on the nominees, who include Yasuyuki Kimoto, a former executive at main creditor Sumitomo Mitsui Financial Group Inc., as chairman. Susan Li reports on Bloomberg Television's "First Up." (Source: Bloomberg)

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