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October 14, 2011

Olympus Corporation Resolved Dismissal of President Michael C. Woodford

Olympus Corporation (the "Company") would like to provide notification that the Board of Directors resolved at its Board of directors' meeting held today to dismiss the Company president as of today, as outlined below.

1. Reason for the Change

Michael C. Woodford has largely diverted from the rest of the management team in regard to the management direction and method, and it is now causing problems for decision making by the management team.
Hence, judging that realisation of the 2010 Corporate Strategic Plan with its slogan of "Advancing to the Next Stage of Globalisation" would be difficult to achieve by the management team led by Woodford, all the board directors attending today, except for Woodford himself who could not participate in the voting due to special interest, unanimously resolved the dismissal from his office of the representative director, President and Chief Executive Officer (dismissal from the office of the representative director, President and Chief Executive Officer and stays as director without executing right.) Along with this, it was also resolved that the representative director, Chairman Tsuyoshi Kikukawa double as the representative director, President and Chief Executive Officer.

Global management that Olympus aims is to implement management rules, information management and operation that are common throughout the world in order to establish a business infrastructure that is more efficient and quick to respond while making the most of a Japanese style management that sets a high value on people, technology and pride of monozukuri or manufacturing. To this end, all our employees will head for the same direction as we will urgently start establishing a new structure to go towards the same goal with the entire staff as one.

2. Contents of the Change

Position Name Previous Position
Representative Director, Chairman, President and Chief Executive Officer Tsuyoshi Kikukawa Representative Director and Chairman
Director Michael C. Woodford Representative Director, President and Chief Executive Officer
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