Olympus sacks CEO Michael Woodford, shares fall 22%

17 October 2011 Last updated at 01:38 ET Help

Shares of Olympus Corporation have dropped for a second day after the company fired Michael Woodford, its first non-Japanese chief executive officer.

The company's shares fell 22% on the Tokyo Stock Exchange on Monday, following an 18% drop on Friday.

Mr Woodford claims he was fired for questioning some accounting practices. However, Olympus said Mr Woodford's views were no longer in line with other managers.

Kenneth Cukier from The Economist in Tokyo explained the background to Mr Woodford's sacking.

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