Medical technology company Olympus has dismissed CEO Stefan Kaufmann in the wake of an allegation that he bought illegal drugs.
After Olympus investigated the allegation, the board of directors unanimously agreed that Mr. Kaufmann, who was named CEO in April 2023 after two decades at the company, had "likely engaged in behaviors that were inconsistent" with the company's code of conduct, values and culture, according to an Oct. 28 news release.
Mr. Kaufmann resigned after the board of directors asked for his resignation.
Yasuo Takeuchi — Olympus' former CEO and current representative executive officer, executive chairperson and environmental, social and governance officer — will act as interim CEO.
The company said it "apologizes deeply for the concern this has caused to our shareholders, customers and all stakeholders."
In the global medical device market, Olympus ranks 20th for its annual revenue, $6.62 billion, according to Medical Design & Outsourcing.