The Financial Times is reporting that the ill-stricken Olympus corp. has come to an out-of-court agreement with Michael Woodford; the firms former CEO turned axed accounting scheme whistle-blower, for the unfair dismissal of his duties just two weeks into his tenure.
While the terms of the settlement were not disclosed, The Financial Times’ speculative eye believes that Woodford will receive a sum equating to the remainder balance if his initial contract – an estimation that might be in upwards of £10 million, or $15.5 million U.S.
Speaking openly about the mutual agreement, Woodford stated:
Hopefully today is closure. A line has been drawn and the company can move on — and I can too…
We think [the potential settlement] is positive and in the interests of both parties. I genuinely hope that, in the interests of Olympus, it helps them move forward.
Today, I just want to leave it at that, It’s hopefully the end of this. It’s important that the company moves on with the new board — and that I and my family, my wife and children, move on. Both parties need to move on and my involvement come to a close.
Since we first became aware of Olympus’s fraudulent behavior, thanks in large to Westford himself, the optical equipment maker’s share price has fallen nearly 50% from its pre-scandal state.