The CEO of optics giant Olympus has resigned after accusations he bought illegal drugs, sending its shares plummeting

• The CEO of optics elephantine Olympus has resigned aft it was alleged that he had bought forbidden drugs.
• Stefan Kaufmann's departure arsenic CEO pushed nan company's shares almost 6% little Monday.
• Olympus controls much than two-thirds of nan world endoscope market.

Olympus Corporation's CEO, Stefan Kaufmann, has exited nan optics elephantine pursuing allegations he purchased forbidden drugs.

The institution announced Monday that Kaufmann had been asked to resign aft an investigation and a unanimous committee decision.

Director and executive head Yasuo Takeuchi will return connected Kaufmann's responsibilities successful nan interim while a caller CEO is selected. He antecedently served arsenic leader from 2019.

The firm's shares slid 5.6% connected nan Tokyo Stock Exchange pursuing nan announcement.

"Upon receiving an allegation that Mr. Stefan Kaufmann had purchased forbidden drugs, Olympus, successful consultation pinch extracurricular ineligible counsel, instantly investigated nan facts, made a study to nan investigative authorities, and cooperated afloat pinch their investigation," nan institution said successful a statement.

It said that based connected nan results, Kaufmann had apt acted inconsistently pinch Olympus' world codification of conduct, halfway values, and firm culture.

As a result, he was asked to connection his resignation and accepted nan request, which is effective immediately, nan patient added.

Kaufmann worked astatine Olympus for complete 20 years, becoming CEO successful April 2023. He has been a committee personnel since 2019.

No further accusation has been made nationalist astir what type of supplier Kaufmann is alleged to person purchased. He has not been charged pinch immoderate crime.

Police searched his location successful June, but recovered nary forbidden substances, nan Kyodo news agency reported.

Founded successful Tokyo successful 1919, nan institution is champion known to nan wide marketplace for its cameras, though it sold that limb of its business successful 2021.

Its main business is successful manufacturing aesculapian technology, including surgical endoscopes and ultrasound processors.

As of 2022, nan institution said it has a 70% stock of nan world marketplace for gastrointestinal endoscopes.

Japan has strict laws against nan usage of drugs. In 2015, Julie Hamp, a elder media advisor astatine Toyota Motor Corporation, spent 20 days astatine a situation successful Tokyo earlier stepping free aft being arrested connected suspicion of importing a symptom medicine into nan state without anterior approval.

Business Insider was incapable to scope Stefan Kaufmann for comment.