Activist Shareholder Approved as Olympus Director

Economy

Tokyo, June 25 (Jiji Press)--Shareholders of Olympus Corp. <7733> approved on Tuesday a proposal to appoint an executive of a U.S. investment fund that is known as an activist shareholder as a director of the Japanese precision equipment maker.

All proposals, including the one on the appointment of the director, were approved by at a shareholders' meeting in Tokyo.

In January, Olympus said that it will invite Robert Hale, a partner at ValueAct Capital Management LP, which holds an equity stake of about 5 pct in the Japanese company, as a director.

Speaking at the meeting, Olympus President Yasuo Takeuchi said that Hale has knowledge of corporate management, including for firms that deal with medical instruments, as an institutional investor.

"We should promote diversity of our directors and incorporate all kinds of insights to make decisions, in order to compete globally," he said.

[Copyright The Jiji Press, Ltd.]

Jiji Press