Olympus Corporation

Last updated

Olympus Corporation
Native name
オリンパス株式会社
Romanized name
Orinpasu Kabushiki-kaisha
Company type Public
TYO: 7733
Industry Electronics
Founded12 October 1919;105 years ago (1919-10-12) (as Takachiho Seisakusho)
Shinjuku, Tokyo, Japan
FounderTakeshi Yamashita [1]
Headquarters Hachioji, Tokyo, Japan
Area served
Worldwide
Key people
Yasuo Takeuchi (president & CEO)
Products
RevenueIncrease2.svg ¥847,105 million (y/e March 2011) [2]
Owners
Number of employees
31,557 (31 March 2022) [2]
Website olympus-global.com

Olympus Corporation [4] is a Japanese manufacturer of optics and reprography products, headquartered in Hachioji, Tokyo. Olympus was established in 1919, initially specializing in microscopes and thermometers, and later in imaging. [5] Olympus holds roughly a 70 percent share of the global endoscope market, estimated to be worth approximately US$2.5 billion. It was formerly also a maker of cameras, camera lenses and dictaphones, until it divested this part to OM Digital Solutions in 2020.

Contents

In 2011, Olympus attracted worldwide media scrutiny when it fired its CEO Michael Christopher Woodford for whistleblowing, and the matter snowballed into a corporate corruption investigation [6] with multiple arrests. [7] In 2016, it paid US$646 million (equivalent to $804 million in 2023) in fines associated with its illegal, long running, kickback scheme. [8]

Products

Cameras and audio

In 1936, Olympus introduced its first camera, the Semi-Olympus I, fitted with the first Zuiko-branded lens. [9] The Olympus Chrome Six was a series of folding cameras made by Takachiho, and later Olympus, from 1948 to 1956, for 6×4.5 cm or 6×6 cm exposures on 120 film. [10]

The first innovative camera series from Olympus was the Pen, launched in 1959. [11] It used a half-frame format, taking 72 18×24 mm photographs on a standard 36-exposure 35mm film cassette, [12] which made Pen cameras compact and portable for their time.[ citation needed ]

Olympus Pen FT and 38mm f1.8 Zuiko lens Olympus Pen FT 2015.jpg
Olympus Pen FT and 38mm f1.8 Zuiko lens
Olympus OM Zuiko lenses OMLenses.jpg
Olympus OM Zuiko lenses

The Pen system design team, led by Yoshihisa Maitani, later created the OM system, a full-frame professional 35mm SLR system designed to compete with Nikon and Canon's bestsellers. The OM system introduced a new trend towards more compact cameras and lenses, being much smaller than its competitors and presenting innovative design features such as off-the-film (OTF) metering and OTF flash automation. [13] Eventually the system included 14 different bodies, approximately 60 Zuiko-branded lenses, and numerous camera accessories.[ citation needed ]

Olympus Quick Flash camera Quick Flash AFL.jpg
Olympus Quick Flash camera

In 1983, Olympus, along with Canon, branded a range of video recording equipment manufactured by JVC,[ citation needed ] and called it "Olympus Video Photography", even employing renowned photographer Terance Donovan to promote the range.[ citation needed ] A second version of the system was available the year after, but this was Olympus's last foray into the world of consumer video equipment until digital cameras became popular.[ citation needed ]

Tsuyoshi Kikukawa, who was later to become president of Olympus, foresaw the demand for the digital SLR, and is credited with the company's strategy in digital photography. He fought for commitment by Olympus to enter the market in high-resolution photographic products. As a result of his efforts, Olympus released an 810,000-pixel digital camera for the mass market in 1996, when the resolution of rivals' offerings was less than half. [14] The next year, Olympus hit the market with a 1.41 million pixel camera. By 2001, the company's annual turnover from digital photography was in excess of ¥100 billion. [14] Olympus manufactures compact digital cameras and is the designer of the Four Thirds system standard for digital single-lens reflex cameras. Olympus's Four Thirds system flagship DSLR camera was the E-5, released in 2010. Olympus is also the largest manufacturer of Four Thirds lenses, under the Zuiko Digital brand. After the introduction of the Micro Four Thirds system, and the general market growth of the Mirrorless Interchangeable Lens Cameras, the regular Four Thirds system became neglected. Then, in 2017, after three years without a new lens, and seven years without a new body, Olympus officially discontinued the Four Thirds system [15]

Olympus OM-D E-M1 with an Olympus M.Zuiko Pro 12-40mm f2.8 lens Olympus OM-D E-M1- 20131118.jpg
Olympus OM-D E-M1 with an Olympus M.Zuiko Pro 12-40mm f2.8 lens

Olympus and Panasonic started a new development together, called the Micro Four Thirds system. It is an interchangeable lens system, with the Four Thirds sensor size, and no mirrors (Mirrorless Interchangeable Lens Camera). The lack of mirrors allowed the camera body to be a lot smaller than that of a DSLR, while maintaining its image quality and the interchangeability of the lenses. The first product in the Micro Four Thirds system was the Panasonic Lumix DMC-G1, released in 2008. The first Olympus-branded MFT camera was the Olympus PEN E-P1. Because it was very expensive, they made a cheaper option, called the Olympus PEN Lite E-PL1. The market growth of the MILC cameras made Olympus introduce a new series in their lineup, which was the modern, digital implementation of the legendary OM series, the OM-D. It maintained the Micro Four Thirds system, but added a built-in electronic viewfinder, a more ergonomic button layout packaged in a retro style chassis. The first model in this family was the E-M5, released in 2012. Since then, Olympus has developed their two lines (PEN and OM-D) and the Micro Four Thirds system, still alongside Panasonic. The latest Olympus camera is the Olympus OM-D E-M10 Mark IV as of 20 August 2020.

Olympus M.Zuiko Digital ED 60mm f/2.8 Macro Lens Olympus M.Zuiko Digital ED 60mm f 2.8 Macro Lens.jpg
Olympus M.Zuiko Digital ED 60mm f/2.8 Macro Lens

At one time, Olympus cameras used only the proprietary xD-Picture Card for storage media. This storage solution is less popular than more common formats, and recent cameras can use SD and CompactFlash cards. The most recent development is Olympus's focus on the Micro Four Thirds system.[ citation needed ] Olympus has also been using special proprietary USB cables, such as the CB-USB8, instead of following standards.

Olympus first introduced the Microcassette. The Olympus Pearlcorder L400, released in the 1980s, was the smallest and lightest microcassette voice recorder ever offered for sale, 2.9 (L) × 0.8 (H) × 2.0 in. (W) / 73 (L) × 20 (H) × 52 (W) 3.2 oz (91 g). [16]

In 2012, the company announced that Sony and Fujifilm had offered forming a capital alliance and the company would focus on Mirrorless interchangeable-lens cameras (MILC). [17]

In 2020, Olympus announced that the camera department would be sold to Japan Industrial Partners at the end of the year. [18] [19] [20] In October 2020, Olympus transferred its Imaging division to the newly established OM Digital Solutions. On 1 January 2021, 95% of the shares in OM Digital Solutions were transferred to OJ Holdings, Ltd, a specially established subsidiary of Japan Industrial Partners. Olympus retained ownership of the remaining 5%. [21]

Medical and surgical

Olympus manufactures endoscopic, ultrasound, electrocautery, endotherapy, and cleaning and disinfection equipment. The first flexible endoscope in the world was co-developed and manufactured by Olympus in Tokyo. [22] [ better source needed ] In 1987, KeyMed Medical & Industrial Equipment, a British manufacturer was purchased. [23] With a comprehensive product range, Olympus accounts for a large share of the world market in gastrointestinal endoscopes. It has roughly 70% share of the global market whose estimated valued at US$2.5 billion. [24] On 28 September 2012, Olympus and Sony announced that the two companies will establish a joint venture—Sony Olympus Medical Solutions Inc—to develop new surgical endoscopes with 4K resolution (or higher) and 3D capability. [25] On 16 September 2015, Sony Olympus Medical Solutions Inc announced that their jointly developed 4K surgical endoscopy system would be commercialized and made available for purchase in early October 2015, and would be sold by Olympus under the brand name "VISERA 4K UHD". [26] [27] [28]

Olympus has acquired the Israeli medical device company Medi-Tate, a move aimed at enhancing its portfolio in the treatment of benign prostatic hyperplasia (BPH). The acquisition, finalized in February 2021, strengthens Olympus' position in the urological devices market. [29]

Medi-Tate specializes in the research, development, manufacturing, and sale of devices designed for minimally invasive treatment of BPH. Its flagship product, the iTind, is a temporarily implanted nitinol device that alleviates lower urinary tract symptoms (LUTS) associated with BPH. The iTind procedure can be performed by a urologist in various settings, including outpatient hospital facilities, ambulatory surgery centers, or a doctor’s office. The device works by gradually expanding and applying gentle pressure at three specific points, reshaping the prostatic urethra and the bladder neck to provide symptom relief.

On 14 September 2022, Sony Olympus Medical Solutions Inc announced that they developed a new model of their 4K surgical endoscopy system, which also allows for Infared imaging and Narrow Band imaging. [30] This new model was made available for purchase in September 2022 by Olympus in Europe, Middle East, Africa, and parts of Asia, Oceania and Japan under the brand name "VISERA ELITE III". [30] On 15 January 2024, Canon Medical Systems Corporation and Olympus Corporation announced that they reached an agreement to collaborate on a jointly developed Endoscopic Ultrasound System (EUS) that takes advantage of both companies’ experience in endoscopy and sonography. [31]

Scientific

Since the beginning, the company has been a manufacturer of microscopes and optics for specialised needs, such as medical use. The first microscope manufactured at Olympus was called the Asahi. [32] Currently, Olympus is a worldwide renowned manufacturer of microscopes. Olympus offers a complete range of microscopes, which covers applications from education and routine studies up to state of the art research imaging systems, both in life science and materials science. [33]

Olympus Scientific Solutions Americas Corporation is a Waltham, Massachusetts-based manufacturer, and is a subsidiary of Olympus Corporation. One of its companies, for example, is Olympus Imaging and Measuring Systems, specializing in imaging instruments for testing and measurement during industrial inspections. [34]

Industrial

Olympus manufactures and sells industrial scanners, flaw detectors, probes and transducers, thickness gages, digital cameras, image analysis software, industrial videoscopes, fiberscopes, light sources, XRF and XRD analyzers, and high-speed video cameras. [33]

Corporate affairs

Ownership

Shareholding in Olympus is dispersed, and the company's key institutional investors are largely passive. [38] As of 31 March 2011, investors included Nippon Life Insurance (8.4%), Bank of Tokyo-Mitsubishi (4.98%), and Sumitomo Mitsui Banking (3.13%), and the Government of Singapore Investment Corporation (2.55%). Foreign institutions and individuals spoke for 27.71% of Olympus shares. [38] [39] On 28 September 2012, Olympus and Sony announced that Olympus would receive a 50 billion yen capital injection from Sony. On 22 February 2013, Sony became the largest shareholder (11.46%) of Olympus, later cutting that stake in half during one of its own restructurings, only to sell its entire remaining stake in Olympus, totaling 5% of the company, after a request by activist investor Daniel S. Loeb to do so, in 2019. [40]

Governance

According to its 2011 Annual Report, Olympus was governed by a 15-person board of directors, with Tsuyoshi Kikukawa its President and CEO, and Michael C. Woodford as President and chief operating officer. Mr Kikukawa resigned in the following year and was arrested by Tokyo police for alleged criminal offenses during and before his term as president and CEO. The corporation in 2011 had three "outside directors". [41] It had a four-member 'Board of Auditors' which supervises and audits directors' performance. The company's executive committee consisted of 28 members, responsible for the day-to-day operations. [42]

Scandals

2011 accounting scandal

In 2011, the company attracted worldwide media scrutiny when it fired its newly appointed English chief executive (CEO) Michael Christopher Woodford, a 30-year Olympus veteran, for probing into financial irregularities and unexplained payments totaling hundreds of millions of US dollars. Although the board initially dismissed Woodford's concerns via mass media as "disruptive" and Woodford himself as failing to grasp the local culture, the matter quickly snowballed into a corporate corruption [6] scandal concerning alleged concealment of more than ¥117.7 billion ($1.5 billion) in investment losses, kickbacks, and covert payments to criminal organizations dating back as far as the 1980s. [43] [44] [45] [46] One of the longest-lasting accounting scandals in Japanese corporate history, [47] the incident wiped out over three-quarters of the company's valuation [48] and led much of the board to resign in disgrace. Investigations were launched across Japan, the United Kingdom, and the United States, culminating in the arrests of numerous corporate directors, senior managers, auditors, and bankers [7] and raising significant concerns over prevailing standards of corporate governance and transparency, [49] as well as the state of Japanese financial markets. Woodford himself, who stated he had received death threats for his role in exposing the cover-up, [46] was reportedly awarded £10 million ($16 million) in damages for defamation and wrongful dismissal. [48] [50] In the wake of this turmoil, Olympus announced plans to shed 2,700 jobs (seven percent of its workforce) [51] and shut 40 percent of its 30 manufacturing plants by 2015. [52]

On 1 April 2011, Michael Christopher Woodford, 51, was named president and chief operating officer – the first ever foreigner to hold the position – replacing Kikukawa, who became chairman. Woodford, an Olympus veteran of 30 years, was previously executive managing director of Olympus Medical Systems Europa. Olympus appointed Woodford its CEO six months later, but the board suddenly removed him as chief executive two weeks into the job, while allowing him to retain his board seat. [53]

Woodford alleged that his removal was linked to several prior acquisitions he questioned, particularly the US$2.2 billion deal in 2008 to acquire British medical equipment maker Gyrus Group. Thomson Reuters reported that US$687 million was paid to a middle-man as a success fee – a sum equal to 31% of the purchase price, and which ranks as the highest ever M&A fee. [53] According to the Daily Telegraph , some of the sums paid out relating to the acquisition of a technology company ITX were also under examination. [45] Woodford noted that an article in Japanese financial magazine Facta in July prompted his suspicion of the transactions. [38] Reports also said the company acquired three other Japanese companies outside its core business, and recognised that the assets were worth US$721 million less than their acquisition value 12 months previously. [54]

Shareholders expressed concern after Olympus's share price nearly halved in value following the Woodford revelations, and asked for "prompt action". [43] [53] Following his dismissal, Woodford passed on information to the British Serious Fraud Office, and requested police protection. He said the payments may have been linked to "forces behind" the Olympus board. [43] Japanese newspaper Sankei suggested that a total of US$1.5 billion in acquisition-related advisory payments could be linked to the yakuza. [45]

The company responded on 19 October that "major differences had arisen between Mr. Woodford and other management regarding the direction and conduct of the company’s business". On the Gyrus acquisition, it also declared the Audit Board's view that "no dishonesty or illegality is found in the transaction itself, nor any breach of obligation to good management or any systematic errors by the directors recognised." [53] On 26 October, the company announced that to assuage shareholders' concerns, Kikukawa resigned as chairman; he was replaced by Shuichi Takayama. Olympus shares rebounded 23 percent. [54] [55]

On 8 November 2011, the company admitted that the money had been used to cover losses on investments dating to the 1990s [44] and that company's accounting practice was "not appropriate", thus coming clean on "one of the biggest and longest-running loss-hiding arrangements in Japanese corporate history", according to the Wall Street Journal. The company laid the blame for the inappropriate accounting on ex-president Tsuyoshi Kikukawa, auditor Hideo Yamada, and executive VP Hisashi Mori. [47]

On 21 December 2011, Japanese authorities, including the Tokyo prosecutor's office, the Tokyo Metropolitan Police and the Japanese Securities and Exchange Surveillance Commission, raided the company's offices in Tokyo. [56]

In February 2012, seven Olympus executives were arrested by Japanese police and prosecutors. Former president Tsuyoshi Kikukawa, former executive vice president Hisashi Mori, and former auditor Hideo Yamada were taken into custody on suspicion of violating the Financial Instruments and Exchange Law, along with former bankers Akio Nakagawa and Nobumasa Yokoo and two others, suspected of having helped the board hide significant losses. [7]

On 25 September 2012, the company and Kikukawa, Yamada, and Mori pleaded guilty to collusion to submit false financial reports. [57]

On 1 March 2016, Olympus agreed to pay $646 million of fines to US authorities. [8]

2024 CEO resignation

On October 28, 2024, CEO Stefan Kaufmann was forced to resign by the Olympus board of directors after allegations of purchasing illegal narcotics. Preceding executive Yasuo Takeuchi was assigned the new CEO. Share prices dropped by 6% following the news. [58] On November 28 a 44-year old man was re-arrested on drug dealing and extortion charges, allegedly forcing Kaufmann to pay 9,150,000 yen across 23 payments as hush money. [59] [60] Kaufmann was later sentenced by the Tokyo District court to 10 months in prison. The presiding judge commented: "It is clear he had a deep involvement with illegal drugs and was dependent on them." [61]

See also

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    55. ↑ Cheesman, Chris (26 October 2011). "Olympus chairman quit over 'widespread concerns'" Archived 30 October 2011 at the Wayback Machine Amateur Photographer. Retrieved 27 October 2011
    56. ↑ "Japanese authorities raid Olympus offices". CNN. 21 December 2011. Retrieved 24 December 2011.
    57. ↑ "Ex-Olympus execs plead guilty to hiding losses". japantimes.co. 26 September 2012. Archived from the original on 18 February 2013.
    58. ↑ "Olympus CEO resigns after allegations of illegal drug purchase, shares tumble". Reuters. 28 October 2024.
    59. ↑ "オリンパス元社長に「口止め料」要求、違法薬物を用意していた男を恐喝容疑で再逮捕　被害915万円か". Tokyo Shimbun. 28 November 2024.
    60. ↑ "Authorities push cocaine case against former CEO of Olympus". Asahi Shimbun. 13 November 2024.
    61. ↑ "Ex-Olympus CEO Kaufmann gets suspended sentence over drugs". Japan Times. 27 December 2024.
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