12:26 • 11 months ago

Japanese electronics giant Olympus Corp to lay off thousands

2,500 jobs cut to offset recent financial setbacks source

» The layoffs follow a recent settlement between Olympus and former-CEO Michael Woodford, who sued the company for unfair-dismissal following his firing in October 2011. Woodford is responsible for unearthing massive investor losses by the company, $1.5 billion to be exact, and is expected to receive just over $15 million after settling the matter out of court. According to local media, Olympus plans to cut most of the 2,500 jobs from its camera-making division.

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