March 13, 2013, by Maggie
Our evening with Michael Woodford and Nuncy
This story really was extraordinary. Over 180 staff, students and business people listened intently to Michael as he recounted how, as newly appointed president of Olympus, he discovered and began to unpick an accounting fraud approaching $2 billion.
Storytelling is clearly one of Michael’s talents, and the detailed tale and colourful descriptions and anecdotes provided the audience with a vivid image of Japan, the people and the culture; and of Olympus, the business that he worked for for 30 years and presided over for just six months. Wound around this landscape were the details of his discovery and exposure of the scandal that led to his dismissal as the board closed ranks behind the chairman, excluding the gaijin (foreigner). A last, but ultimately unsuccessful attempt was made by the Olympus board to cover up the affair which appeared to be linked to organised crime.
We closed with an image of the high flying chief executive fleeing to safety on the last economy class seat left on the plane, the seat next to the toilet.
Following the lecture Michael answered a wide range of questions from the audience revealing that he is unlikely to return to corporate life and was dedicating much of his time to telling his story, providing business advice and, his primary passions, campaigning for human rights and road safety.
There were many things to take away from the lecture, and I hope colleagues and students will also share their reflections over the coming days – but for me the story revealed much about the life of a executive, the importance of personal integrity, trust and relationships in business; and when you no longer know who to trust, what a lonely place it must be at the top.
You can read more in Exposure – Inside the Olympus Scandal: How I went from CEO to Whistleblower, by Michael Woodford (Portfolio Penguin)
By Maggie Royston
Business Development & Centre Manager
International Centre for Corporate Social Responsibility
A fascinating insight into a clash of culture between a Western business leader unexpected promoted into the top echelons of the opaque and Machiavellian world of Japanese (and wider) corporate and social life. A thoroughly engaging speaker who brought a story teller’s art to an already enthralling tale – I await the film! Thank you to the University for bringing Michael Woodford to Nottingham.
This was a great talk (I’d echo everything said above). Thanks!
Michael re-lived the whole experience in an engaging, detailed and brutally honest manner. His integrity and principles are a shining example to the world, and where better than Nottingham Business School to host such an exemplary lecture in corporate responsibility?
A brilliant evening from start to finish … an amazing opportunity to hear the story told 1st hand from a man who has integrity and courage; a great example of an Authentic Leader in the real world. We really needed another hour (at least) for Michael to finish his story! I would take every opportunity to see and hear and experience Michael’s story again. The Japanese culture made the scale of the embezzlement possible, but corporate greed seems to occur in every culture, and it’s important that we address what Lord David Owen calls the Hubris Syndrome; where power corrupts and powerful men (and significantly, they are predominantly male), begin to believe in their own right to rule and in their invincibility.
Message for Michael Woodford. My step-father work for Key-Med, Jim Bartrip for many years. I bought him Michael Woodford’s book Exposure which Jim really enjoyed reading. He saw advertised that Michael Woodford was speaking in Southend. He therefore bought a ticket to the show. Jim thought this talk was on 4 March, but when he again looked at the ticket it said 13 March. He went along on 13 March to Southend, but was informed the ticket was printed with the wrong date and should have been the 4 March. My step-father was so upset. Jim is now 88 years of age soon to be 89. Is there any chance Michael Woodford would be speaking again.
Hi, I will make sure your message reaches Michael. Maggie
Dear Stephanie,
I remember Jim well and he is one of life’s real gentleman. I speak regularly and it would be my pleasure to invite you and Jim as my guests to a forthcoming event in London. If you ask Maggie Royston she will give you my email and we can make the necessary arrangements.
I was so impressed with the team and culture at the International Centre for Corporate Social Responsibility, and Nuncy and I will remember our evening in Nottingham for a very long time and for all the right reasons. Thank you to everyone who came and you lifted my mood and spirit.
It would be good to understand more about the barriers to building up share portfolios in Japanese companies – there is the potential to create value by increasing efficiency and introducing stronger corporate governance – but if they are immune from a takeover threat, that potential is lost.
I just finished reading your book, Michael. What an excellent book told by an excellent storyteller. I felt like I was on the edge of my seat the entire time. I can’t imagine what living the real experience was like! I really hope there are more people at the top that have the same ethics and integrity as you do. Good luck!