Former Olympus chief executive Michael Woodford has reached an out-of-court settlement with his ex-employer for unfair dismissal.
Woodford was sacked just two weeks after his appointment on blowing the cover on a $1.7bn accounting scandal at the Japanese company.
The terms of the settlement have not been disclosed, but the Financial Times has reported that he would receive the pay he was entitled to for the remainder of his contract, which could be worth up to £10m.
Speaking after the tribunal, Woodford said: “Hopefully today is closure. A line has been drawn and the company can move on – and I can too. We think [the potential settlement] is positive and in the interests of both parties. I genuinely hope that, in the interests of Olympus, it helps them move forward.”
The East London tribunal was delayed yesterday afternoon to allow for further negotiations. The Olympus’s board meets on 8 June and the deal will be subject to ratification.
Since Woodford’s disclosures Olympus’s board has been partially replaced and the accounting scandal has been investigated by the UK Serious Fraud Office and the US Federal Bureau of Investigation.
