Olympus Corporation's board decided to ask CEO Stefan Kaufmann to resign after investigating allegations of illegal drug purchases, leading to a 5.6% drop in share prices.
"Upon receiving an allegation that Mr. Stefan Kaufmann had purchased illegal drugs, Olympus immediately investigated the facts, made a report to the authorities, and cooperated fully with their investigation," the company stated.
"Based on the results, Kaufmann had likely acted inconsistently with Olympus' global code of conduct, core values, and corporate culture, resulting in his resignation request," the firm added.
Despite the serious allegations, Kaufmann, who led the company for just a short time since April 2023, has not been charged with any crime, indicating the situation's complexity.
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