Japanese manufacturer, Olympus, will invite Robert Hale, a partner at leading shareholder ValueAct Capital Management to join its board under the changes announced. Vice President and Chief Financial Officer Yasuo Takeuchi will also become president and CEO effective April 1, replacing Hiroyuki Sasa, who was appointed after a $1.7 billion accounting scandal broke in 2011. Olympus said it aimed to transition its board to a structure composed of audit, nominating and compensation committees to improve oversight. The shadow of past accounting improprieties, Olympus' handling of which was widely criticized by foreign investors, appears to loom behind the unusual and drastic move of tapping an executive whose firm has been heavily pressuring the company since disclosing its stake. Takeuchi suggested the ValueAct partner was readily welcomed, saying Olympus "agreed to work together with Mr. Hale because our aims aligned." On Friday, the company's share price soared 10% from the previous day to 4,005 yen as optimism grew over Hale's possible appointment.

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Nikkei Asian Review