Olympus board resigns,taps chairman from bank

Hiroyuki Sasa,56,with experience in the company’s key medical equipment business,will become president,it said. Yasuyuki Kimoto,63,former executive at Sumitomo Mitsui Banking Corp,which is Olympus’ main bank,will become chairman. Their appointments need shareholders’ approval.

Sasa promised to win back public trust,and carry out reforms to prevent a recurrence of the dubious bookkeeping that has sent Olympus shares plunging. He said governance will be beefed up,and the new 11-member board,named today,includes six outside members.