The Olympus saga continues

October 26, 2011: 5:17 PM ET

Olympus' strange boardroom drama continues -- now its chairman, Tsuyoshi Kikukawa, has stepped down. That still leaves many questions unanswered.

By Kevin Kelleher, contributor

olympusFORTUNE -- The saga continues. On Tuesday, Oct. 26, Olympus chairman Tsuyoshi Kikukawa stepped down, vacating the posts of chairman, CEO and president. Shuichi Takayama, a 41-year veteran of Olympus who ran the company's imaging business, assumed the role of president.

It's not clear how much is really changing at Olympus. Kikukawa remains on the board, and Takayama was one of the board members who voted to fire ex-CEO Michael Woodford. Meanwhile, Woodford said he would meet with FBI officials to discuss matters concerning Olympus.

From Fortune's earlier story:

Olympus is a global brand, but its company usually doesn't make headlines. Over the years, most of us have bought at least one of its cameras, binoculars or digital voice recorders, without much thought to its executives and board. All that changed last week, when the firing of the company's CEO only two weeks into the job precipitated what is surely the biggest crisis in the Japanese company's 92 years.

The drama to date has had a Michael Clayton element to it. And, it appears nowhere near finished. Olympus' revenue had fallen for three straight years so that its fiscal 2010 revenue was three-quarters of the 2007 figure. To counter a slump in consumer products, Olympus had expanded aggressively into medical and life-science equipment, which now make up more than half its net profit.

For the full story, please click here.

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