Unfair dismissal claim nets £10 million payout for Olympus boss

Courtesy of the Press Association, we read that the former boss of Olympus, sacked last year for whistleblowing at the giant Japanese company, has arrived at a £10 million settlement with his former employers.

Mr Michael Woodford commenced employment with Olympus as Chief Executive Officer in 2011 after having worked for over 30 years for the company. He was subsequently fired in October 2011 after he disclosed concerns of his regarding dubious accounting processes and procurement at Olympus. He believed that the Japanese company was hiding just under £1 billion in losses since the 1990’s, a fact which has subsequently been acknowledged by the corporation. After his dismissal he submitted claims to the Employment Tribunal, including claims of unfair dismissal and race discrimination. His claims were settled in May 2012 for approximately £10 million just before an Employment Tribunal was due to commence.

Olympus has subsequently embarked on a campaign to restructure the company, a campaign which will see it eliminate 2,700 jobs (7% of its global workforce) by March 2014.

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