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02/28/2012 01:24 PM ID: 91592 Permalink   

Olympus Names New Board After Accounting Scandal


The entire board of Japanese camera maker Olympus faced criticism by its shareholders as it picked former managers and insiders of the company as its new board.

After the arrests of former executives, Olympus recently admitted that it shifted billions of losses from the company┬┤s balance sheet. After that, the Olympus board announced its resignation.

Nevertheless, Olympus selected current board member Hiroyuki Sasa to be president and Yasuyuki Kimoto, former executive at Sumitomo Mitsui Banking Corp, to be chairman.

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