http://olympusamerica.com/corporate/corp_presscenter_headline.asp?pressNo=2156 ...Adopt Global Management Structure and HR Program To align Olympus’ management structure with its current and future business operations and drive cost reductions, Olympus will strengthen leadership globally by implementing a new global structure, streamlined decision-making, and more uniform business management. This transformation work will place clear accountability on the business unit leaders for driving sales and profitability in their respective units. Starting April 1, the executive management team will consist of five executive officers with leadership across the entire organization. In addition to Mr. Takeuchi as Chief Executive Officer, the team will include Mr. Akihiro Taguchi as Chief Operating Officer, Mr. Haruo Ogawa as Chief Technology Officer, Mr. Yasushi Sakai as Chief Financial Officer, and Mr. Stefan Kaufmann as Chief Administrative Officer. This team will be responsible for decision-making and execution of unified, global policies and strategies across the different business lines. The business unit heads will report directly to the Chief Operating Officer. To better drive continued global growth and recruit and retain high-level talent across business lines, the Company is also updating its talent management protocols across the Company and reassessing its global workforce to drive greater efficiency. Olympus will establish the required talent management infrastructure through a Global HR Program. This will allow the Company to reinforce strong performance, to manage headcount, and to place the right individuals in optimal positions globally. Optimize and Simplify Medical Device Business An integral part of this new plan will be the reorganization of the Olympus medical device business into two global divisions — Endoscopic Solutions and Therapeutic Solutions — rather than the current five. These two divisions’ business models differ in distinct ways, and organizing the business through this structure will enable speedy and lean business management, enhancing Olympus’ competitiveness among global medtech companies. The Endoscopic Solutions division, a proven global leader in endoscopes, will continue to be managed from Japan. This division will have global responsibility, facilities around the world and will invest in enhancements to its existing infrastructure and processes. The division will consist of Gastrointestinal (GI), Respiratory and Surgical endoscopy capital products; Software; Reprocessing; Repair service and System Integration. The Therapeutic Solutions division will be managed from the United States, bringing the management of the organization closer to the largest therapeutic device market with better access to the medical industry cluster and its largest customers. This division will also have global responsibility and facilities around the world. This division will consist of EndoTherapy (single-use therapeutic) devices for GI and Respiratory fields; Energy and other surgical single-use devices; and Urology, Gynecology and Ear, Nose, and Throat (ENT) products. Under this new organizational structure, Olympus looks forward to focusing the business strategies and cost structure of its divisions to optimize their potential with respect to more timely and effective product offerings. Prioritize Cost Containment and Capital Efficiency Olympus recognizes that there is a significant opportunity to improve operating profit margin and return on capital in line with global medical device industry peers, especially following a period of elevated investment in the early years of 16CSP. Olympus will now increase focus on cost containment and capital efficiency initiatives. Working groups have been established to accomplish this goal. The first step of these initiatives is to freeze FY 2020 SG&A, including R&D, at the FY 2018 level, starting April 1, the beginning of the new fiscal year, while FY2019 will remain at current guidance level. Olympus is also developing longer-term cost savings programs, which will be finalized and announced together with the revised strategic plan. Olympus will also review its capital expenditure levels across business units with the goal of sustainably improving free cash flow available for shareholder return and responsible M&A investment toward the strategic goal of becoming a leading global medtech company. Intention to Adopt New Governance Initiatives Consistent With the Transformation Plan, Including Migration to a Three Committee Board Structure and Adding Three Directors Consistent with the focus of its Transform Olympus and Transform Medical plans, particularly to further support the global nature of its business, Olympus will seek shareholder support for changes to the structure and composition of its Board of Directors at the next annual meeting. To align Olympus’ Board structure with the global nature of its business and provide enhanced oversight and support of management, at the June 2019 Annual Meeting Olympus will ask its shareholders to approve an amendment to the Company’s Articles of Incorporation to migrate from a Company with a Kansayaku-kai audit structure to a Company with a Three Committees Board structure. The Three Committees structure will simultaneously improve the Board’s focus on supervising management’s implementation of strategy and best practices, increase management’s agility, and improve the ability to attract global executives. In addition, the Board’s nominating committee is identifying three new Board member candidates to present to shareholders for election at the June 2019 Annual Shareholders’ Meeting. Building on its ongoing collaborative relationship with its largest shareholder, ValueAct Capital Management L.P. (“ValueAct”), Olympus plans on inviting D. Robert Hale, a Partner at ValueAct, to stand for election at the June 2019 Annual Meeting. As a seasoned management consultant and investor across industries, Mr. Hale would bring the Board expertise in advising leading global companies during transformation as well as significant global capital markets and healthcare experience. Two additional new Board members will also be proposed to stand for election at the 2019 Annual Meeting. Olympus will recruit international executives who have highly relevant experience at leading global medical technology companies and has invited ValueAct to help identify candidates. Mr. Takeuchi said: “We made good progress over the past few years developing our reorganization plans on our own initiative. We believe the change in our governance structure at this time will help to advance our progress by bringing us more in line with the world’s leading global companies. We have been impressed with ValueAct’s expertise and constructive approach, and believe that having Rob Hale on the Board will bring useful global perspective and experience to our ongoing work to transform Olympus and build value for all shareholders.” Mr. Hale said: “Over the past year our team has been in a highly collaborative dialogue with Hiroyuki Sasa, Yasuo Takeuchi and their colleagues. We share their vision and believe the transformation initiatives to globalize governance and management will position Olympus to achieve its full potential. I am honored to be invited to serve on the Olympus Board and look forward to working with Mr. Takeuchi and his team for the long-term benefit of all Olympus stakeholders.” Of the transformation plan as a whole, Mr. Takeuchi added: “Olympus also looks forward to realizing its full potential as a global medtech company. This transformation plan constitutes an important further step forward in that process through changes to our leadership, recruiting, divisional structure and management, and corporate governance. By executing on these changes, Olympus will become a more efficient and agile operator which will allow us to maximize long-term shareholder value and drive benefits to all of our stakeholders.” Investor Presentation and Investor Call Olympus will hold an investor presentation in Tokyo on January 11, 2019 at 17:00 Japan time to discuss this announcement. It will also hold an international investor call on January 11, 2019, at 22:00 Japan time. I. Conference Call Details (1) Event: Conference call for announcing the transformation plan “Transform Olympus” (2) Date & Time: Friday, January 11, 2019 10:00 PM (Japan time) (3) Speaker: Hiroyuki Sasa, President and Representative Director Yasuo Takeuchi, Director, Vice President and CFO (4) Agenda: 1. Presentation 2. Q&A Session II. How to Participate in the Conference Call (1) Dial-in information: Telephone number: +81-(0)3-6629-1042 PIN code: 23540365# (2) Please dial in 10 minutes before the start time. You will be greeted and asked to enter the conference code. (3) Record your name and company name followed by the "#" key. (4) Please stand by until the conference begins (Recorded music will play). Contacts: Ruth Pachman Managing Director, Kekst CNC ruth.pachman@kekstcnc.com +1 (212) 521-4891
This says it all: Olympus recognizes that there is a significant opportunity to improve operating profit margin and return on capital in line with global medical device industry peers, especially following a period of elevated investment in the early years of 16CSP. Olympus will now increase focus on cost containment and capital efficiency initiatives. Working groups have been established to accomplish this goal. OCA will be slashing compensation and headcount. Expect merging of bags. More responsibility for less pay to increase profitability and less product marketing/support personnel in the budget.
BAH HAH , what a special place to be! Same thing over and over again expand contract expand contract . Feel bad for the energy people . They will be dismantled the fastest , they bring zero value and no revenue to us.
FDA Report MAUDE Adverse Event Report: OLYMPUS MEDICAL SYSTEMS CORP. EVIS EXERA LLL COLONOVIDEOSCOPE 10/12/2018 https://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfMAUDE/detail.cfm?mdrfoi__id=8143738&pc=FDF
FDA Report MAUDE Adverse Event Report: OLYMPUS MEDICAL SYSTEMS CORP. EVIS EXERA LLL COLONOVIDEOSCOPE 12/13/2018 https://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfmaude/detail.cfm?mdrfoi__id=8143728&pc=FDF
No growth from this. Just slashing expenses and compensation to get to the net income target for next few years until the new video platform comes out. All RC cares about is hitting bottom line. If you can’t get there with top line growth, he has to lower expenses to get the bottom line target. Expect to see layoffs in support roles, lowering of commission rates, and probably some level of salesforce layoffs and combining of divisions to reach this 2 year goal. Notice how many open positions are listed that have been open for months? That is the first sign they are slashing expenses. They will keep all those open and see how to shuffle pieces while not filling any other turnover positions. Next year will be a bloodbath come April 1 when new comp plans come out. Good luck to all...........don’t say you weren’t warned and surprised by this. The writing is on the wall!!!!!!!!!!!
The statement states it’s freezing funds plus this. Makes sense. “Optimize and Simplify Medical Device Business An integral part of this new plan will be the reorganization of the Olympus medical device business into two global divisions — Endoscopic Solutions and Therapeutic Solutions — rather than the current five. These two divisions’ business models differ in distinct ways, and organizing the business through this structure will enable speedy and lean business management, enhancing Olympus’ competitiveness among global medtech companies.”
MAGIC STICK!!!! Bring it!! Cures all ails. No need for contracts with the Magic Stick. Doctors will be calling us for a change, and hospitals will have to eat it.
Doctor just told me their Olympus rep from paychex has no clue. Didn’t even know how to find common forceps after being there for about 2 years. At 2 years I’m sure they are interviewing. This is SOP now.
Why do you guys still work for Olympus? Its just not rational anymore. The only reason I can think of is you are desperate and can't find a better job. Either that or you are so beaten down from years of abuse, that you don't have the drive to get a better job and life. Olympus is simply an awful environment to work in.
No - none of the above...its because we know this site is full of people who were either fired and mad at the world or dong holes from other companies that just don't have anything better to do because were in your accounts taking business. But you keep wasting your time on this board...its very entertaining.
We are dedicated to the success of the sales team in 19. The goal is for our sales team is to make an honest income while doing the right thing for patients. Please keep these posts positive as it hurts our recruitment efforts. Happy New Year and great things are ahead for those that work smart and hard this year!
Do not interview or accept an offer with Olympus. It is a terribly run company. Randy Clark is a self serving buffoon! He is just the newest in a long line of narcissistic douche bags to run Olympus. Reps do not get paid anymore at Olympus. They will screw you at every turn. You were warned! Stay away!
Anyone who tries to avoid responsibility on this site are complete liars and can’t be trusted. This site is full of current and former employees. One thing is for certain, after reading the endless posts; Olympus is an atrocious company filled with a lot of unethical behavior. Do not apply with Olympus.
