Olympus' new board nominees criticized by foreign investors

TOKYO - Olympus Corp on Monday proposed an 11-member board to replace President Shuichi Takayama and other directors following the Japanese camera maker's admission of a 13-year cover-up of investment losses.

Hiroyuki Sasa, head of marketing at the medical systems unit that is now Olympus's biggest earner, was nominated as president, the Tokyo-based company said in a statement on Monday.

Shareholders will vote in April on the nominees, who include Yasuyuki Kimoto, a former executive at Olympus' main creditor Sumitomo Mitsui Financial Group Inc, as chairman.