Olympus head Kikukawa quits amid scandal over takeover fees

TOKYO - Olympus Corp Chairman and President Tsuyoshi Kikukawa stepped down after allegations over the company's acquisitions wiped more than half the value from its share price in the past two weeks.

Shuichi Takayama, head of the company's unprofitable camera division, succeeded Kikukawa as president on Wednesday, according to a statement to the Tokyo Stock Exchange. Kikukawa will remain as a director, it said.

Kikukawa's resignation after almost five decades at the camera and medical-devices company follows the ouster 12 days ago of Michael C. Woodford as president. Olympus cited differences over his management style. Woodford says he was fired for challenging $687 million of fees paid in a 2008 takeover, and that the entire board of the company is "toxic" and must be replaced.