The Board of Directors met last Friday, 30 September to appoint Michael Woodford to serve as Chief Executive Officer of Olympus Corporation, in addition to his existing responsibilities as President and Chief Operating Officer, with effect from 1 October 2011.

It has been six months since Mr. Woodford was appointed as President of Olympus Corporation, and in that time, the Board have been extremely pleased with the progress made under Mr. Woodford's leadership in this role, which has exceeded the expectations at the time of his appointment.

Over the last six months, Mr. Woodford has established a number of important initiatives, particularly 'Cost-Cutting 20', which has not only already had a positive impact on the financial results, but also in creating an environment where change is not only accepted, but actively encouraged. The company has also made significant progress in building genuinely global functions in the context of the new Group Management Structure which was introduced on 1 April 2011.

Announcing Mr. Woodford's appointment to Chief Executive Officer, Chairman of the Board, Mr. Tsuyoshi Kikukawa, commented "I believe it is now the right time for Michael to assume the Chief Executive role, with full executive responsibility for the day-to-day running of the global organization and I'm pleased to pass over this responsibility to him. The initiatives Michael has put in place to bring about change in the operations of our company have already had an extremely positive effect and I've been particularly impressed by the way in which he has shown a great sensitivity and understanding of the different cultures across our global organization, and how these can be brought together in the most positive way for the company."

Mr. Kikukawa will remain as a representative director and Chairman of the Board and continue to support Mr. Woodford in his management of the business in this new expanded role to further implement the changes necessary to achieve the company's goals in the context of the company's Corporate Strategic Plan.

In commenting on his appointment as Chief Executive Officer, Mr. Woodford explained "Mr. Kikukawa has been an extremely strong Chief Executive and I've always been inspired not only by his visionary leadership, but also his personal motto of 'Creative Destruction', demonstrating his willingness to challenge the established order which is essential if the business is to avoid becoming stale or 'resting on its laurels.' I'm pleased to build upon these foundations to create a strong and well respected global company as we move towards our centenary anniversary in 2019."