Japan’s Olympus in lieu of its efforts to recover from a $1.7 billion accounting fraud, is expected to unveil a new board of directors as early as on Monday. The current boards will meet on Monday and is set to consider outside panel recommendations for a new list of candidates to replace with the current one, Reuters reports.
Olympus, was is earlier in news as it sued its own president, Shuichi Takayama and 18 other previous and current executives over the accounting fraud to conceal their $1.7 billion in losses, which results in arrest of company’s former chairman and six others reportedly planned to promote its executive officer Hiroyuki Sasa as a president in April.
Sasa worked with the company as head of development as well as marketing at subsidiary Olympus Medical Systems Corporation will be appointed on April 20 at an extraordinary shareholders meeting as a president – also the new chairman is expected to be from the company’s main lender Sumitomo Mitsui Banking Corp, a unit of Sumitomo Mitsui Financial Group Inc.
