Olympus whistleblower Woodford quits board

Michael Woodford, former chief executive of Japan's scandal-hit Olympus, said Thursday he is resigning from the board due to his discontent over the current management, according to news reports. Woodford said he would work on an alternative plan for managing the maker of cameras and medical equipment embroiled in a scandal over the cover-up of huge losses, according to Dow Jones Newswires. The current Olympus management "shouldn't be choosing the destiny of the company, the Briton was quoted as saying. "They are the wrong people," said Woodford, who argued he was stripped of his executive posts in October after he alleged serious flaws in the company's corporate governance. Public broadcaster NHK said Woodford had submitted his resignation to the company. Olympus could not immediately confirm the report. Dow Jones quoted Woodford as saying he would be working with "various parties" on his proposals for leading the company on an alternative management path. Olympus shares were up 3.80 percent at 1,064 yen on the Tokyo Stock Exchange in morning trade, still less than half the price before the ouster of Woodford on October 14.