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Summary Box: Woodford ends fight to head Olympus

Fri, 01/06/2012 - 8:45am
The Associated Press

NO COMEBACK: Former Olympus Corp. CEO Michael Woodford, who blew the whistle on dubious spending there, is giving up his fight to regain the helm of the company. He says he realized he didn't have the support of Japanese institutional investors.

NOT OUT YET: Instead, he plans to sue the company for wrongful dismissal.

THE HISTORY: In October, Woodford confronted Olympus management about the excessive spending on questionable acquisitions and fees paid to an obscure Wall Street firm, which later proved to be part of the cover-up. He was quickly fired.

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