Olympus said in late December that it initiated a CEO succession process following the resignation of former CEO Stefan Kaufmann.
Kaufmann stepped down on Oct. 28 after an investigation into an allegation that he purchased illegal drugs, according to a company statement at the time.
Olympus said it consulted with outside legal counsel after receiving the allegation and made a report to investigative authorities.
The company’s board unanimously determined that Kaufmann “likely engaged in behaviors that were inconsistent with” its code of conduct and values, and Kaufmann was asked to resign. Olympus apologized to shareholders, customers and stakeholders “for the concern this has caused.”
Kaufmann pleaded guilty to the charge of buying illegal drugs at a December court hearing in Tokyo, Kyodo News reported.
Olympus Chairperson Yasuo Takeuchi, the company’s former chief executive, is carrying out the CEO duties during the search for a permanent successor.
The company said a nominating committee of the board will lead the process and has formed an advisory search committee to identify and recommend candidates for the CEO position. The search committee comprises management and independent board members with extensive experience in medtech, executive hiring and corporate governance, according to the company’s December statement.
The board has hired an executive recruitment firm to help evaluate internal and external candidates, Olympus said, adding that it is committed to completing the CEO succession process “as swiftly and efficiently as possible.”
Olympus is based in Tokyo, and its Olympus Corporation of the Americas subsidiary is based in Center Valley, Pennsylvania. Julien Sauvagnargues is CEO of Olympus Corporation of the Americas.
Olympus’ medical business sells endoscopes, laparoscopes and video imaging systems.
