Olympus Corporation
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Hachioji , Tokyo, Japan.
In 2011, corporate corruption investigation[5] with multiple arrests.[6] In 2016, it paid US$646 million (equivalent to $804 million in 2023) in fines associated with its illegal, long running, kickback scheme.[7]
ProductsCameras and audioIn 1936, Olympus introduced its first camera, the Semi-Olympus I, fitted with the first Zuiko-branded lens.[8] The Olympus Chrome Six was a series of folding cameras made by Takachiho, and later Olympus, from 1948 to 1956, for 6×4.5 cm or 6×6 cm exposures on 120 film.[9] The first innovative camera series from Olympus was the film cassette,[11] which made Pen cameras compact and portable for their time.[citation needed ]
  The Pen system design team, led by Yoshihisa Maitani, later created the OM system, a full-frame professional 35mm SLR system designed to compete with Nikon and Canon's bestsellers. The OM system introduced a new trend towards more compact cameras and lenses, being much smaller than its competitors and presenting innovative design features such as off-the-film (OTF) metering and OTF flash automation. Eventually the system included 14 different bodies, approximately 60 Zuiko-branded lenses, and numerous camera accessories.[citation needed]  In 1983, Olympus, along with Canon, branded a range of video recording equipment manufactured by JVC,[citation needed] and called it "Olympus Video Photography", even employing renowned photographer Terance Donovan to promote the range.[citation needed] A second version of the system was available the year after, but this was Olympus's last foray into the world of consumer video equipment until digital cameras became popular.[citation needed] Tsuyoshi Kikukawa, who was later to become president of Olympus, foresaw the demand for the digital SLR, and is credited with the company's strategy in digital photography. He fought for commitment by Olympus to enter the market in high-resolution photographic products. As a result of his efforts, Olympus released an 810,000-pixel digital camera for the mass market in 1996, when the resolution of rivals' offerings was less than half. M.Zuiko Pro 12-40mm f2.8 lensOlympus and MILC cameras made Olympus introduce a new series in their lineup, which was the modern, digital implementation of the legendary OM series, the OM-D. It maintained the Micro Four Thirds system, but added a built-in electronic viewfinder, a more ergonomic button layout packaged in a retro style chassis. The first model in this family was the E-M5, released in 2012. Since then, Olympus has developed their two lines (PEN and OM-D) and the Micro Four Thirds system, still alongside Panasonic. The latest Olympus camera is the Olympus OM-D E-M10 Mark IV as of 20 August 2020.
 At one time, Olympus cameras used only the proprietary xD-Picture Card for storage media. This storage solution is less popular than more common formats, and recent cameras can use SD and CompactFlash cards. The most recent development is Olympus's focus on the Micro Four Thirds system.[citation needed ] Olympus has also been using special proprietary USB-cables, such as the CB-USB8, instead of following standards.
Olympus first introduced the voice recorder ever offered for sale, 2.9 (L) × 0.8 (H) × 2.0 in. (W) / 73 (L) × 20 (H) × 52 (W) 3.2 oz (91 g).[14]
In 2012, the company announced that Sony and Fujifilm had offered forming a capital alliance and the company would focus on Mirrorless interchangeable-lens cameras (MILC).[15]
In 2020, Olympus announced that the camera department would be sold to Japan Industrial Partners at the end of the year.[16][17][18] In October 2020, Olympus transferred its Imaging division to the newly established OM Digital Solutions. On 1 January 2021, 95% of the shares in OM Digital Solutions were transferred to OJ Holdings, Ltd, a specially established subsidiary of Japan Industrial Partners. Olympus retained ownership of the remaining 5%.[19] Medical and surgicalOlympus manufactures endoscopic, ultrasound, electrocautery, endotherapy, and cleaning and disinfection equipment. The first flexible endoscope in the world was co-developed and manufactured by Olympus in Tokyo. ScientificSince the beginning, the company has been a manufacturer of microscopes and optics for specialised needs, such as medical use. The first microscope manufactured at Olympus was called the Asahi.[29] Currently, Olympus is a worldwide renowned manufacturer of microscopes. Olympus offers a complete range of microscopes, which covers applications from education and routine studies up to state of the art research imaging systems, both in life science and materials science.[30] Olympus Scientific Solutions Americas Corporation is a Waltham, Massachusetts-based manufacturer, and is a subsidiary of Olympus Corporation. One of its companies, for example, is Olympus Imaging and Measuring Systems, specializing in imaging instruments for testing and measurement during industrial inspections.[31] IndustrialOlympus manufactures and sells industrial scanners, flaw detectors, probes and transducers, thickness gages, digital cameras, image analysis software, industrial videoscopes, fiberscopes, light sources, XRF and XRD analyzers, and high-speed video cameras.[30]
Name and logo
Corporate affairs
OwnershipShareholding in Olympus is dispersed, and the company's key institutional investors are largely passive. GovernanceAccording to its 2011 Annual Report, Olympus was governed by a 15-person board of directors, with Tsuyoshi Kikukawa its President and CEO, and Michael C. Woodford as President and chief operating officer. Mr Kikukawa resigned in the following year and was arrested by Tokyo police for alleged criminal offenses during and before his term as president and CEO. The corporation in 2011 had three "outside directors".[38] It had a four-member 'Board of Auditors' which supervises and audits directors' performance. The company's executive committee consisted of 28 members, responsible for the day-to-day operations.[39]
2011 accounting scandalOverviewIn 2011, the company exposing the cover-up,[43] was reportedly awarded £10 million ($16 million) in damages for defamation and wrongful dismissal.[45][47] In the wake of this turmoil, Olympus announced plans to shed 2,700 jobs (seven percent of its workforce)[48] and shut 40 percent of its 30 manufacturing plants by 2015.[49]
DevelopmentsOn 1 April 2011, Michael Christopher Woodford, 51, was named president and chief operating officer – the first ever foreigner to hold the position – replacing Kikukawa, who became chairman. Woodford, an Olympus veteran of 30 years, was previously executive managing director of Olympus Medical Systems Europa. Olympus appointed Woodford its CEO six months later, but the board suddenly removed him as chief executive two weeks into the job, while allowing him to retain his board seat.[50] Woodford alleged that his removal was linked to several prior acquisitions he questioned, particularly the US$2.2 billion deal in 2008 to acquire British medical equipment maker Gyrus Group. Daily Telegraph, some of the sums paid out relating to the acquisition of a technology company ITX were also under examination.[42] Woodford noted that an article in Japanese financial magazine Facta in July prompted his suspicion of the transactions.[35] Reports also said the company acquired three other Japanese companies outside its core business, and recognised that the assets were worth US$721 million less than their acquisition value 12 months previously.[51]
Shareholders expressed concern after Olympus's share price nearly halved in value following the Woodford revelations, and asked for "prompt action".[40][50] Following his dismissal, Woodford passed on information to the British Serious Fraud Office, and requested police protection. He said the payments may have been linked to "forces behind" the Olympus board.[40] Japanese newspaper Sankei suggested that a total of US$1.5 billion in acquisition-related advisory payments could be linked to the yakuza.[42] The company responded on 19 October that "major differences had arisen between Mr. Woodford and other management regarding the direction and conduct of the company’s business". On the Gyrus acquisition, it also declared the Audit Board's view that "no dishonesty or illegality is found in the transaction itself, nor any breach of obligation to good management or any systematic errors by the directors recognised."[50] On 26 October, the company announced that to assuage shareholders' concerns, Kikukawa resigned as chairman; he was replaced by Shuichi Takayama. Olympus shares rebounded 23 percent.[51][52] On 8 November 2011, the company admitted that the money had been used to cover losses on investments dating to the 1990s[41] and that company's accounting practice was "not appropriate", thus coming clean on "one of the biggest and longest-running loss-hiding arrangements in Japanese corporate history", according to the Wall Street Journal. The company laid the blame for the inappropriate accounting on ex-president Tsuyoshi Kikukawa, auditor Hideo Yamada, and executive VP Hisashi Mori.[44] On 21 December 2011, Japanese authorities, including the Tokyo prosecutor's office, the Tokyo Metropolitan Police and the Japanese Securities and Exchange Surveillance Commission, raided the company's offices in Tokyo.[53] In February 2012, seven Olympus executives were arrested by Japanese police and prosecutors. Former president Nobumasa Yokoo and two others, suspected of having helped the board hide significant losses.[6]
On 25 September 2012, the company and Kikukawa, Yamada, and Mori pleaded guilty to collusion to submit false financial reports.[54] 2016 bribery scandalMain article: Olympus scandal On 1 March 2016, Olympus agreed to pay $646 million of fines to US authorities.[7] See also
References
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