Japan's Olympus to propose board seat for activist investor ValueAct [Reuters]
OLYMPUS CORP S/ADR (OCPNY)
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Source: Reuters
Japan's Olympus to propose board seat for activist investor ValueAct | Reuters 2 Min Read TOKYO (Reuters) - Japan’s Olympus Corp ( 7733.T ) said it would propose to give top shareholder U.S. hedge fund ValueAct Capital a seat at its board, a rare move in the country where activists are still viewed by companies as asset-strippers to be resisted. The Japanese medical equipment and camera maker also said Yasuo Takeuchi, its vice president, will become chief executive officer from April 1, replacing Hiroyuki Sasa. Shares of Olympus jumped more than 10 percent after the announcements on Friday. Olympus said it would propose Rob Hale, partner at ValueAct, be named a director at its annual shareholders meeting in June as part of a management reshuffle aimed to enhance global governance. Shareholders will need to approve the nomination. ValueAct, which started investing in Olympus more than a year ago, emerged as a major shareholder in May with a 5.04 percent stake. “The governance changes
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