Olympus’s CEO Exits After Probe Into Drug Buying Allegation

(Bloomberg) — Olympus Corp.’s chief executive officer resigned after the company conducted an investigation into an allegation he bought illegal drugs, finding behaviors inconsistent with company policy.

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Stefan Kaufmann has resigned all positions effective immediately, the company said in a statement. Yasuo Takeuchi, executive chairperson, will act as CEO in the interim.

“Based on the results of the investigation, the Board of Directors unanimously determined that Mr. Stefan Kaufmann likely engaged in behaviors that were inconsistent with our Global Code of Conduct, Our Core Values, and our corporate culture,” the statement read. “As a result, Mr. Stefan Kaufmann was asked to offer his resignation, which he did and which was subsequently accepted by the Board of Directors.”

Olympus in August cut its full-year operating income forecast. The Japanese company, best known as a designer of cameras and imaging gear before a pivot into medical equipment, has struggled with inconsistent growth in past years.

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