Olympus removes British CEO after 6 months

TOKYO (AP) ? Japanese camera and precision instruments maker Olympus Corp. says it has dismissed Michael Woodford as its president and CEO after just six months because of management conflicts.

The company says Woodford had "largely diverted" from the rest of the management team and that the rift was causing decision-making problems.

Its board of directors met Friday and unanimously demoted Woodford to director, the company said in a statement. It appointed Chairman Tsuyoshi Kikukawa to replace him.

Woodford, a British national, was among a handful of foreigners leading major Japanese companies. His appointment came amid a push by Olympus to make itself more globally competitive.

Woodford did not attend Friday's board meeting.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-10-13-AS-Japan-Olympus/id-d44c183b356d44cf8b2a68b22a4ca14b

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