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Woodford Promoted
Michael Woodford becomes the first non-Japanese CEO of Olympus -
Questionable Fees
Two articles published in "Facta" magazine that revealed a questionable $687 million advisory fee paid by Olympus when purchasing three compaies. -
Questions Raised
New CEO Michael Woodford begins to question these fees and is ignored by the Chairman, Tsuyoshi Kikukawa, and Group Prseident, Hisashi Mori, on these questions -
Woodford starts his own investigation
PricewaterhouseCoopers, an outside auditor, is called in to investigate these "questionable" fees by Michael Woodford -
"Dealing with the consequences"
After receiving the report from the outside Auditors hired by Woodford he tries to convince Kikukawa and Mori to deal with their consequences. -
Woodford fired
At a board meeting Michael Woodford was fired because of his suspicions and is voted out 15-0 by the board. -
Woodford Acts Out
Upon being fired Woodford immediately shares the information from his own investigation with the FBI, Japanese and British Press, as well as Britain's Serious Fraud office. -
The Truth Comes Out
After worldwide press coverage of the scandal the company, Olympus, finally admits to covering up $1.7 billion in losses.
