Olympus Corporation Reborn

810 Words Feb 23rd, 2018 3 Pages
The founding spirit of Olympus was “the dream of producing high-quality Japanese-made microscopes” used in diverse areas. Through its development, in 1994, Olympus launched a management campaign called “Social IN” comprising three main concepts: INtegrity, INnnovation and INvolvement. This philosophy was then the centred spirit of the company where the firm stressed the important relationship between the society and itself. In other word, Olympus values the society as a whole as one of the major stakeholders of the organisation. It aims to maintain a positive corporate image to the public in order to gain reputations and sales. As a result, Olympus is a leading corporation in the industry with “roughly 70% share of the global market whose estimated value is US$2.5 billion” .

However, having said that the company implemented such a positively imaged campaign, Olympus Scandal occurred in 2011 was a corporate scandal of the managements and directors’ financial misconducts. The scandal was disclosed by the newly appointed CEO at that time, Michael Woodford, who was fired after two week’s appointment because he discovered abnormal financial activities and appointed a special investigation to detect issue. The ex-CEO, previous directors and some of current management were arrested for the…

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