Olympus Corp. said Monday that CEO Stefan Kaufmann has stepped down from his post following an allegation that he purchased illegal drugs.
The Japanese company launched an investigation after hearing the allegation and its board unanimously determined that its CEO “likely engaged in behaviors that were inconsistent” with its code of conduct, it said.
Supplied photo shows Stefan Kaufmann. (Kyodo)
Following the decision, the company asked Kaufmann to resign and he accepted, Olympus said. Chairman Yasuo Takeuchi will double as chief executive for the time being.
Police are also looking into the case after the optical precision equipment maker reported the issue to authorities, investigative sources said.
Police searched Kaufmann’s residence in June but no illegal drugs were found, the sources said.
Kaufmann became the company’s first non-Japanese CEO in April 2023 since former CEO and accounting fraud whistleblower Michael Woodford was ousted in 2011.
The executive, originally from Germany, joined a European unit of Olympus in 2003 and rose through the ranks.