{"id":12797,"date":"2012-06-08T08:07:00","date_gmt":"2012-06-08T07:07:00","guid":{"rendered":"http:\/\/amateurphotographer.co.uk\/uncategorized\/olympus-cuts-2700-jobs-pays-woodford-10m-focuses-on-mirrorless-update-includes-whistleblower-comment-12797"},"modified":"2014-09-02T14:26:05","modified_gmt":"2014-09-02T13:26:05","slug":"olympus-cuts-2700-jobs-pays-woodford-10m-focuses-on-mirrorless-update-includes-whistleblower-comment","status":"publish","type":"post","link":"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/olympus-cuts-2700-jobs-pays-woodford-10m-focuses-on-mirrorless-update-includes-whistleblower-comment\/","title":{"rendered":"Olympus cuts 2,700 jobs; pays Woodford \u00a310m; focuses on mirrorless (update includes whistleblower comment)"},"content":{"rendered":"

\n This graphic, released as part of Olympus’s five-year business plan statement, makes clear that the firm plans to focus away from DSLRs <\/em>\n <\/p>\n

\n [NEWS UPDATE: Michael Woodford, who has won a confirmed \u00a310m payout from the company, says the firm has a \u2018bright future’ \u2013 see his statement below.] <\/strong>\n <\/p>\n

Olympus says it will cut around 7% of its global workforce by 31 March 2014 as part of an \u2018aggressive’ cost-cutting strategy.<\/p>\n

This will involve \u2018elimination and consolidation’ of 30 production sites (around 40%), and the firm plans to \u2018restructure’ its imaging manufacturing functions.<\/p>\n

In a \u2018medium-term vision’ statement, released today, the company adds: \u2018In the imaging business we will review our product line-up by allocating management resources with a focus on mirrorless interchangeable-lens cameras and high-end compact cameras, while improving profitability.’<\/p>\n

The statement indicates that Olympus will move away from DSLRs. ‘The top two companies [Canon and Nikon] dominate in terms of market share, brand strength and development capability.’ <\/p>\n

Asked whether Olympus plans to develop any more DSLRs, a spokesperson for Olympus’s Tokyo HQ told Amateur Photographer<\/em>: ‘Olympus will continue to sell E-series.’ <\/p>\n

As part of the restructure, Olympus says it will not focus on ‘low-end’ compacts, on grounds that these deliver ‘low-profit’ potential in its mature markets. <\/p>\n

Olympus says it will \u2018strive’ to ensure its imaging business breaks into profit by \u2018March 2013′.<\/p>\n

As yet, there is no official word on whether the group will form a strategic alliance with another company, as has been reported. <\/p>\n

‘Unfortunately, we cannot say when we will make any announcement,’ added the Olympus spokesperson.<\/p>\n

However, Olympus admits it needs to improve shareholders’ equity ratio, to at least 30% by March 2017 – an indication, say analysts, that it may have to raise capital.<\/p>\n

The Tokyo-based camera and medical equipment maker has also pledged to ‘enhance the efficiency of the indirect workforce at headquarters and in each business domain’. <\/p>\n

Meanwhile, Olympus has confirmed it has reached a 1.245 billion yen settlement with accounting scandal whistleblower Michael Woodford<\/a>, admitting that it was in the company’s \u2018best interest’ to strike a deal before an employment tribunal action.<\/p>\n

Olympus said it feared it may have had to pay escalating lawsuit costs if it had not settled out of court, relating to a \u2018series of disputes’ with Woodford (pictured below) who was sacked in October 2011.<\/p>\n

The former CEO said: \u2018In today’s settlement between myself and the company, we reached a fair and amicable agreement and I would like to take this opportunity to wish the new board well in taking Olympus forward.’<\/p>\n

Woodford added: \u2018It is a wonderful company, with wonderful products and people, and has a bright future ahead of it.’ <\/p>\n

Unveiling its ‘Back to Basics’, five-year, business strategy the Olympus statement adds: ‘The company aims to return to the basic values it had at founding and make a fresh start in order to regain credibility of its stakeholders, build itself anew and create new corporate value.’<\/p>\n

At the height of the accounting scandal the firm’s share value dropped by nearly 80%. <\/p>\n

\n <\/img>\n <\/p>\n

\n Michael Woodford will be paid \u00a310m, Olympus has confirmed<\/em>\n <\/p>\n

Picture credit: C Cheesman<\/p>\n","protected":false},"excerpt":{"rendered":"

Olympus will plough resources into mirrorless system cameras and high-end compacts as it announces plans to slash 2,700 jobs and pay whistleblower Michael Woodford \u00a310m following his claim for unfair dismissal.<\/p>\n","protected":false},"author":324,"featured_media":12798,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[39],"tags":[],"product-category":[],"class_list":["post-12797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-photo-news"],"yoast_head":"\nOlympus cuts 2,700 jobs; pays Woodford \u00a310m; focuses on mirrorless (update includes whistleblower comment) - Amateur Photographer<\/title>\n<meta name=\"description\" content=\"Olympus will plough resources into mirrorless system cameras and high-end compacts as it announces plans to slash 2,700 jobs and pay whistleblower Michael Woodford \u00a310m following his claim for unfair dismissal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/olympus-cuts-2700-jobs-pays-woodford-10m-focuses-on-mirrorless-update-includes-whistleblower-comment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Olympus cuts 2,700 jobs; 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