Olympus Corporation CEO Stefan Kaufmann has been ousted from the company following an investigation into an allegation he purchased illegal drugs.
Kaufmann has resigned from all positions at the request of its board of directors, the Japanese manufacturer of optical equipment said on Monday.
The German native had been CEO at the company since April 2023 and served as a board member since 2019. He first joined Olympus’ European arm in 2003.
In a statement, Olympus apologized “for the concern this has caused to our shareholders, customers and all stakeholders.”
“Upon receiving an allegation that Mr Stefan Kaufmann had purchased illegal drugs, Olympus, in consultation with outside legal counsel, immediately investigated the facts, made a report to the investigative authorities, and cooperated fully with their investigation,” it said.
The company said its board of directors unanimously determined the CEO “likely engaged in behaviours that were inconsistent with our global code of conduct.”
Until a successor is appointed, Olympus chairman Yasuo Takeuchi will be acting as CEO of the company.
US shares of Olympus were 9.1% lower over the counter on Monday.