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Exposure: Inside the Olympus Scandal: How I Went from CEO to Whistleblower
President, whistleblower, crusader. Exposure is the story of how Michael Woodford exposed the dark heart of Olympus
When Michael Woodford was made President and CEO of Olympus, he became the first Westerner ever to climb the ranks of one of Japan's corporate icons.
Then his dream job turned into a nightmare.
He learned about a series of bizarre mergers and acquisitions deals totalling $1.7 billion - a scandal which if exposed threatened to bring down the entire company. He turned to his fellow executives but was met with hostility and a cover-up. Within weeks he was fired in a boardroom coup that shocked the international business world. As rumours emerged of Yakuza (mafia) involvement in the scandal, Woodford fled Japan in fear of his life. He went straight to the press - becoming the first CEO of a multinational to blow the whistle on his own company.
Exposure is a deeply personal memoir that reads like a thriller. As Woodford himself puts it, 'I thought I was going to run a health-care and consumer electronics company but found I had walked into a John Grisham novel.'
'Sensational' Jon Snow, Channel 4 News
'He lost his job for his integrity' The Economist
Michael Woodford grew up in Liverpool and joined Olympus as a medical equipment salesman, rising through the ranks to run its UK, MEA and European businesses. In April 2011 he was appointed President and COO of the Olympus Corporation - the first Western 'salary-man' to rise through the ranks to the top of a Japanese giant. That October he was made CEO, but only two weeks later was dismissed after querying inexplicable payments approaching $2 billion. He was named Business Person of the Year 2011 by the Sunday Times, the Independent and the Sun, and won the Financial Times Arcelor-Mittal Award for Boldest Businessperson of the Year. He lives in London with his wife and two teenage children.
When Michael Woodford was made President and CEO of Olympus, he became the first Westerner ever to climb the ranks of one of Japan's corporate icons.
Then his dream job turned into a nightmare.
He learned about a series of bizarre mergers and acquisitions deals totalling $1.7 billion - a scandal which if exposed threatened to bring down the entire company. He turned to his fellow executives but was met with hostility and a cover-up. Within weeks he was fired in a boardroom coup that shocked the international business world. As rumours emerged of Yakuza (mafia) involvement in the scandal, Woodford fled Japan in fear of his life. He went straight to the press - becoming the first CEO of a multinational to blow the whistle on his own company.
Exposure is a deeply personal memoir that reads like a thriller. As Woodford himself puts it, 'I thought I was going to run a health-care and consumer electronics company but found I had walked into a John Grisham novel.'
'Sensational' Jon Snow, Channel 4 News
'He lost his job for his integrity' The Economist
Michael Woodford grew up in Liverpool and joined Olympus as a medical equipment salesman, rising through the ranks to run its UK, MEA and European businesses. In April 2011 he was appointed President and COO of the Olympus Corporation - the first Western 'salary-man' to rise through the ranks to the top of a Japanese giant. That October he was made CEO, but only two weeks later was dismissed after querying inexplicable payments approaching $2 billion. He was named Business Person of the Year 2011 by the Sunday Times, the Independent and the Sun, and won the Financial Times Arcelor-Mittal Award for Boldest Businessperson of the Year. He lives in London with his wife and two teenage children.
272 pages, Hardcover
First published November 1, 2012
54 people are currently reading
498 people want to read
About the author
Michael Woodford
73 books4 followersMichael Woodford grew up in Liverpool, and worked for Olympus for 30 years, becoming CEO on October 1st 2011. He is 51 years of age, married to Nuncy, a Spanish national, and they have two children, Edward 18 and Isabel 16. He is a keen runner and enjoys sailing.
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Displaying 1 - 30 of 84 reviews
December 7, 2012
I love a good corporate scandal, and the shady goings-on in Olympus—and the dramatic fashion in which they were revealed to the world, by their own CEO—were especially intriguing, especially since an examination of their cause promised to offer an insight into how Japanese corporate culture differs so dramatically from the West's. I was also looking forward to reading this because Woodford wrote it himself, which is unusual—most of these types of books are ghost-written, or co-authored.
And while the story itself is indeed interesting and the book a well-written, engaging read, I just didn't warm to Woodford. I actually found him quite unlikeable. I deeply admire his courage and integrity, yes, but I don't see how this story benefited from detailing of his every flight and hotel upgrade, or the expensive dinners he enjoyed with various high-powered friends in fine-dining restaurants the world over.
He is also obsessed with class, and made a few comments that just made think, "What is this guy thinking?!" One was about how a friend of his was a plumber, but one who (I'm paraphrasing; can't re-locate actual line) "regularly showed up on building sites with a broadsheet [newspaper] under his arm." So, what? A plumber who doesn't just read tabloid newspapers? What a find! Or how, at an award ceremony towards the end of the book, he remarks how wonderful it is that his children are (again, paraphrase; too lazy to go into the book) "as comfortable with the worlds' richest men as they were with the waiters serving them." Erm... I should certainly hope so!
I just felt that in the end, while interesting, Woodford's story was all a bit too self-congratualtory. Maybe it's because he's been congratulated non-stop for the last year, and deservedly so. But in writing his own story, I wish he'd dialed it back a bit, because it just started rubbing me the wrong way.
Also, the pieces at the end, one written by a journalist and one by a former colleague, are downright fawning in their description of Woodford (an actual line: "Although nearly twenty years my junior, he evoked a stunning presence.")
What he did was incredible, yes, but I would've enjoyed this book a bit more if it didn't come across as if he's let it all go to his head.
And while the story itself is indeed interesting and the book a well-written, engaging read, I just didn't warm to Woodford. I actually found him quite unlikeable. I deeply admire his courage and integrity, yes, but I don't see how this story benefited from detailing of his every flight and hotel upgrade, or the expensive dinners he enjoyed with various high-powered friends in fine-dining restaurants the world over.
He is also obsessed with class, and made a few comments that just made think, "What is this guy thinking?!" One was about how a friend of his was a plumber, but one who (I'm paraphrasing; can't re-locate actual line) "regularly showed up on building sites with a broadsheet [newspaper] under his arm." So, what? A plumber who doesn't just read tabloid newspapers? What a find! Or how, at an award ceremony towards the end of the book, he remarks how wonderful it is that his children are (again, paraphrase; too lazy to go into the book) "as comfortable with the worlds' richest men as they were with the waiters serving them." Erm... I should certainly hope so!
I just felt that in the end, while interesting, Woodford's story was all a bit too self-congratualtory. Maybe it's because he's been congratulated non-stop for the last year, and deservedly so. But in writing his own story, I wish he'd dialed it back a bit, because it just started rubbing me the wrong way.
Also, the pieces at the end, one written by a journalist and one by a former colleague, are downright fawning in their description of Woodford (an actual line: "Although nearly twenty years my junior, he evoked a stunning presence.")
What he did was incredible, yes, but I would've enjoyed this book a bit more if it didn't come across as if he's let it all go to his head.
June 9, 2022
My perspective of this scandal is that when Japanese companies were audited in the past, they were under great pressure to meet their performance targets. Usually after unreasonable performance targets were set from above, one layer was pressured, abused and bullied, and the following layer was semi-forced and semi-autonomously falsified from financial reports. In this process, people tend to accept instructions from their superiors unconditionally. This is one of the manifestations of the lack of depth in the democracy.
In the cultural traditions of East Asian countries, fraud is not a shameful thing in itself. But to be accused of fraud is a shameful thing. Where collectivism is tacitly accepted and prevalent, fighting one man is fighting everyone. It takes great courage to fight against such a cultural tradition.
This is a book that would be perfect to be made into a film.
In the cultural traditions of East Asian countries, fraud is not a shameful thing in itself. But to be accused of fraud is a shameful thing. Where collectivism is tacitly accepted and prevalent, fighting one man is fighting everyone. It takes great courage to fight against such a cultural tradition.
This is a book that would be perfect to be made into a film.
December 2, 2012
This is a good read to learn what happened inside of the well known Japanese company, Olympus.
I really think it was so difficult to fight and correct the problems of the company from the inside, even author became the leader of the company. We can learn his struggle as a top of the company and we know what he did was absolute right.
Mr.Woodford first published his book "Terminated (Kainin)" in April from Hayakawa Shobo in Japan.
This English book and the Japanese one shares a lot of same storyline but this English one has shown more of Mr. Woodford's personality, emotional aspects and family related issues compared to the more business oriented style of Japanese one. Also this English book contains his childhood story, which the other one lacks.
I thought this book is better than Japanese one.
I really think it was so difficult to fight and correct the problems of the company from the inside, even author became the leader of the company. We can learn his struggle as a top of the company and we know what he did was absolute right.
Mr.Woodford first published his book "Terminated (Kainin)" in April from Hayakawa Shobo in Japan.
This English book and the Japanese one shares a lot of same storyline but this English one has shown more of Mr. Woodford's personality, emotional aspects and family related issues compared to the more business oriented style of Japanese one. Also this English book contains his childhood story, which the other one lacks.
I thought this book is better than Japanese one.
August 25, 2013
What he had done is encouraging. The main problem of this book was that it should not include Mr.Woodford's personal life into it. I was expecting to see more detailed information about this corporate scandals. How this big company beatified its financial reports to cover its loss.
If I wanted to see a novelistic story, I'd read John Grisham. The ego of Mr.Woodford bothered me from the very beginning. He enjoyed being served by flight attendant. He portraited himself as Michael Jackson and George Clooney. Although he kept saying that he was out of money, he still go some expensive restaurants and hotels. I almost wonder the child experience infect him a lot.
This is a dangerous book for Mr.Woodford. The issue should be written by some well-qualified reporters. We can learn things more objectively. Now, Michael Woodford became Mr.Big Shot. We'll see him as high moral person and he is not dead yet. From now on, even a tiny unethical think would have huge leverage effect on him. Good luck.
If I wanted to see a novelistic story, I'd read John Grisham. The ego of Mr.Woodford bothered me from the very beginning. He enjoyed being served by flight attendant. He portraited himself as Michael Jackson and George Clooney. Although he kept saying that he was out of money, he still go some expensive restaurants and hotels. I almost wonder the child experience infect him a lot.
This is a dangerous book for Mr.Woodford. The issue should be written by some well-qualified reporters. We can learn things more objectively. Now, Michael Woodford became Mr.Big Shot. We'll see him as high moral person and he is not dead yet. From now on, even a tiny unethical think would have huge leverage effect on him. Good luck.
October 1, 2025
Michael Woodford’s Exposure: Inside the Olympus Scandal begins against the backdrop of the 2011 Tohoku earthquake, as he travels to Japan to assume the role of chief executive of Olympus. It opens with a rather typical expat narrative, with descriptions of luxury flights, elegant flight attendants and soft slippers, and then it picks up pace as he describes how the mismanagement of the Tohoku disaster aligns with his own experiences at the top levels of Japanese management. Woodford had joined Olympus’s British subsidiary as a salesman nearly thirty years before and by his late twenties was managing director of the division. He later became head of Olympus in Europe before being elevated to the top job in Tokyo. He was the first foreigner to run the company and one of the very few ever to lead any major Japanese corporation. His appointment appeared to symbolise Japan’s new openness to global practices, but it quickly led to the exposure of a long running corporate scandal. The book is notable for its dissection of how social networks and corporate culture allowed management to sustain fraud across successive generations of leadership. The inner circle not only rationalised their conduct among themselves but also enlisted outside associates to endorse and normalise the deception. It also revealed the lack of effective oversight in Japan, where neither financial institutions nor the domestic press played a meaningful role in holding the company’s directors to account.
Barely weeks into his new role, he was sent a translated article from Facta, a Japanese monthly investigative magazine, alleging extremely questionable transactions within Olympus. What followed was a battle not only over their financial activities but also over the limits of corporate governance in a society where silence and loyalty often outweigh transparency. Woodford pressed his Japanese colleagues about very large sums being spent on ‘Mickey Mouse’ companies and an unprecedented amount on mysterious “advisory fees.” His confrontations, both in turns frightening and darkly funny, revealed both his refusal to play by the unspoken rules of deference and the extraordinary lengths to which Olympus executives would go to protect a fraud. Funds, as forensic accountants later traced, had vanished into offshore accounts. What had prompted me to read this book was reading remark about how he knew he was in trouble when he was given a passive aggressive tuna sandwich when his colleagues were given sushi.
The book is not merely a tale of corporate malfeasance but also a study of cultural issues. Olympus’s management structure blurred the line between personal loyalty and fiduciary responsibility, and its absence of independent remuneration committees exemplified a wider lack of checks and balances. In Japan, salaries and bonuses could be determined by the executive alone, creating a fertile ground for mutual back scratching and the concealment of wrongdoing. What I especially liked about this narrative was that it demonstrated that “cultural” justifications shouldn’t be used as a defence mechanism. Those involved in such cross-cultural situations have to work extra hard to frame their reports in terms of ethics, legality and policy. Woodford was trying to point out longstanding criminal activity and people responded to it as if he just couldn’t grasp the nuances of Japanese culture.
Woodford argued that these actions created a hostile environment and could bring serious harm to the organisation. He gave them plenty of opportunities to do the right thing, but were of course in no hurry to do so. When he alerted company members outside Japan, the Japanese board seemed more upset by this than the idea of a huge amount of missing money. I’m sure it was very frustrating for him to see cultural differences used to deflect criticism or accountability, particularly when it was paired with accusations that he was racist or didn’t understand the organisation’s hierarchy.
Woodford is frank about the personal cost of exposing the reality of the company’s finances. He recounts his fear, the absolutely crazy working hours, his constant sleep deprivation, and the long separations from his wife and children. Even when he was physically with his children he wasn’t really mentally there. A chapter in the centre of the book is dedicated to his childhood, often reminding readers of his own working-class origins and how these shaped his instincts and sense of values. Some critics have found this emphasis distracting, yet it clarifies the moral codes that guided his decisions. Honestly, it’s difficult to imagine a British memoir that doesn’t touch on class, though I can understand why those unfamiliar with the British class system might see it as irrelevant. Additionally, he had been bullied for his racially ambiguous appearance as a child, and therefore found accusations of his whistleblowing being fuelled by racism to be especially infuriating. By pushing against silence, he invited not only institutional hostility but also an almost mob-like aggression from his colleagues, uncharacteristic of the politeness he had long associated with Japanese corporate life. His story underscores how corruption flourishes when loyalty is prized above accountability, and how isolating the experience must have been.
The final chapters, including an afterword by journalist and crime author Jake Adelstein, place the Olympus affair within a larger framework of Japanese corporate crime and its uneasy ties to organised crime. This includes descriptions of other people who died under suspicious circumstances and unconvincing ‘suicides.’ If Adelstein’s perspective had been woven throughout rather than placed at the end, the book might have been better received. I read a number of comments online saying that Woodford had exaggerated the danger he was in, even though the UK police clearly didn’t think so. Exposure is a thrilling account of the difficulty of reporting misconduct when so many are implicated and the personal toll of insisting on transparency. It would be suitable for readers interested in business ethics, financial regulation, shareholder values and obligations, anti-fraud measures, and Japanese business culture. Above all, it offers a strong warning against the temptation to explain away malpractice as merely a cultural difference.
Barely weeks into his new role, he was sent a translated article from Facta, a Japanese monthly investigative magazine, alleging extremely questionable transactions within Olympus. What followed was a battle not only over their financial activities but also over the limits of corporate governance in a society where silence and loyalty often outweigh transparency. Woodford pressed his Japanese colleagues about very large sums being spent on ‘Mickey Mouse’ companies and an unprecedented amount on mysterious “advisory fees.” His confrontations, both in turns frightening and darkly funny, revealed both his refusal to play by the unspoken rules of deference and the extraordinary lengths to which Olympus executives would go to protect a fraud. Funds, as forensic accountants later traced, had vanished into offshore accounts. What had prompted me to read this book was reading remark about how he knew he was in trouble when he was given a passive aggressive tuna sandwich when his colleagues were given sushi.
The book is not merely a tale of corporate malfeasance but also a study of cultural issues. Olympus’s management structure blurred the line between personal loyalty and fiduciary responsibility, and its absence of independent remuneration committees exemplified a wider lack of checks and balances. In Japan, salaries and bonuses could be determined by the executive alone, creating a fertile ground for mutual back scratching and the concealment of wrongdoing. What I especially liked about this narrative was that it demonstrated that “cultural” justifications shouldn’t be used as a defence mechanism. Those involved in such cross-cultural situations have to work extra hard to frame their reports in terms of ethics, legality and policy. Woodford was trying to point out longstanding criminal activity and people responded to it as if he just couldn’t grasp the nuances of Japanese culture.
Woodford argued that these actions created a hostile environment and could bring serious harm to the organisation. He gave them plenty of opportunities to do the right thing, but were of course in no hurry to do so. When he alerted company members outside Japan, the Japanese board seemed more upset by this than the idea of a huge amount of missing money. I’m sure it was very frustrating for him to see cultural differences used to deflect criticism or accountability, particularly when it was paired with accusations that he was racist or didn’t understand the organisation’s hierarchy.
Woodford is frank about the personal cost of exposing the reality of the company’s finances. He recounts his fear, the absolutely crazy working hours, his constant sleep deprivation, and the long separations from his wife and children. Even when he was physically with his children he wasn’t really mentally there. A chapter in the centre of the book is dedicated to his childhood, often reminding readers of his own working-class origins and how these shaped his instincts and sense of values. Some critics have found this emphasis distracting, yet it clarifies the moral codes that guided his decisions. Honestly, it’s difficult to imagine a British memoir that doesn’t touch on class, though I can understand why those unfamiliar with the British class system might see it as irrelevant. Additionally, he had been bullied for his racially ambiguous appearance as a child, and therefore found accusations of his whistleblowing being fuelled by racism to be especially infuriating. By pushing against silence, he invited not only institutional hostility but also an almost mob-like aggression from his colleagues, uncharacteristic of the politeness he had long associated with Japanese corporate life. His story underscores how corruption flourishes when loyalty is prized above accountability, and how isolating the experience must have been.
The final chapters, including an afterword by journalist and crime author Jake Adelstein, place the Olympus affair within a larger framework of Japanese corporate crime and its uneasy ties to organised crime. This includes descriptions of other people who died under suspicious circumstances and unconvincing ‘suicides.’ If Adelstein’s perspective had been woven throughout rather than placed at the end, the book might have been better received. I read a number of comments online saying that Woodford had exaggerated the danger he was in, even though the UK police clearly didn’t think so. Exposure is a thrilling account of the difficulty of reporting misconduct when so many are implicated and the personal toll of insisting on transparency. It would be suitable for readers interested in business ethics, financial regulation, shareholder values and obligations, anti-fraud measures, and Japanese business culture. Above all, it offers a strong warning against the temptation to explain away malpractice as merely a cultural difference.
May 19, 2013
A shocking scandal exposing criminal activity in a major Japanese/global corporation. Woodford rose from humble beginnings the top of the corporate pile, and in a Japanese company where both the East and West note considerable cultural differences. To achieve this is an incredible challenge and Woodford is clearly special and talented. As a one company man his devotion and loyalty to Olympus must have been absolute. Within weeks of achieving this lifetime ambition he sets himself on a path to uncover and expose long-term deceit and corruption at the highest level in the company. Woodford's departure and almost return is a remarkable story of courage.
Two areas interest me.
Firstly, why was he appointed? The corrupt Olympus executives could have easily chosen a Japanese "Yes" man. Perhaps Woodford was being set up as the fall guy, with less loss of face from a Japanese perspective.
Secondly, Woodford explores the Japanese business culture and how in recent decades it has stagnated because of its inability to change, and in many cases create innovative environments across functions and strategic business operations. Sony's failures come to mind.
An excellent book that inspires us to have the courage to always do the right thing.
Two areas interest me.
Firstly, why was he appointed? The corrupt Olympus executives could have easily chosen a Japanese "Yes" man. Perhaps Woodford was being set up as the fall guy, with less loss of face from a Japanese perspective.
Secondly, Woodford explores the Japanese business culture and how in recent decades it has stagnated because of its inability to change, and in many cases create innovative environments across functions and strategic business operations. Sony's failures come to mind.
An excellent book that inspires us to have the courage to always do the right thing.
May 7, 2014
Michael Woodford's inside story on his whistle-blowing antics at Olympus is a sensational read. The author Pulls no punches regarding the doubts he went through in terms of the effects on his family and on the tens of thousands of ordinary employees of the company. Woodford walks the reader through his journey from realisation to the final resignations of most of the board members involved in scandals and thefts at Olympus.
The intricate web of lies and channels through which funds were illegally funneled out of the company to try to hide mounting losses in non-core businesses will probably never be fully unravelled. Woodford has left his mark on the corporate landscape with this testimony, though, and when a CEO is the one with the whistle in his mouth, corporations will find it increasingly difficult to replicate these kinds of scams.
The intricate web of lies and channels through which funds were illegally funneled out of the company to try to hide mounting losses in non-core businesses will probably never be fully unravelled. Woodford has left his mark on the corporate landscape with this testimony, though, and when a CEO is the one with the whistle in his mouth, corporations will find it increasingly difficult to replicate these kinds of scams.
September 2, 2016
I attended a guest lecture where Michael Woodford spoke about his experience as a whistleblower and I bought the book to learn a bit more about his experiences.
The book is a very personal account of Woodford's experiences whistleblowing in a company he worked for for 30 years and the consequences of highlighting financial irregularities. For a book with major themes of corporate governance, business and financial practices it is a surprisingly engaging read and isn't dry at all. I enjoyed the insight into Japanese culture and it's clear that despite his experience Woodford holds the country in high regard.
Overall a very interesting read about the consequences for a man who stuck to his principles and stood up for what he believed in.
The book is a very personal account of Woodford's experiences whistleblowing in a company he worked for for 30 years and the consequences of highlighting financial irregularities. For a book with major themes of corporate governance, business and financial practices it is a surprisingly engaging read and isn't dry at all. I enjoyed the insight into Japanese culture and it's clear that despite his experience Woodford holds the country in high regard.
Overall a very interesting read about the consequences for a man who stuck to his principles and stood up for what he believed in.
September 23, 2013
This book is a testament to the fact that crimes doesn't pay. Michael Woodford became a world famous whistleblower when he discovered a major fraud and conspiracy in the company he worked for, Olympus. Once he had brought the discrepancies to his colleagues, he was quickly fired. But Woodford did not go quietly into the night, alarming the newspapers and investigative agencies. Michael Woodford is one of those heroes no one really recognizes. This book was a great read; a thrilling, edge-of-your-seat, non-fiction type biography.
October 16, 2013
This real life boardroom story reads like a thriller by the best.
The effect on Michael and his wife is devastating and we get the FBI involved, the Serious Fraud Office and Scotland Yard. For serious readers who are interested in the media, in banking, in business and how international businesses fail.
Without integrity nothing works and Michael's integrity shines through.
I recommend this book
The effect on Michael and his wife is devastating and we get the FBI involved, the Serious Fraud Office and Scotland Yard. For serious readers who are interested in the media, in banking, in business and how international businesses fail.
Without integrity nothing works and Michael's integrity shines through.
I recommend this book
October 5, 2013
An interesting insight into how a board of just a few members can destroy the lives of many through greed and self-serving decisions. Once the downward spiral begins, it's almost impossible to dig out. I see similarities in other companies, and wonder how those involved in scandalous behaviors can look in the mirror. Kudos to Michael Woodford for his courage and integrity.
September 11, 2014
A business book - no a great story and read - the true tale of financial wrongdoing, possible Japanese mafia, danger, fear, expat family friction and demands set in a Japan reeling from the Tsunami. Michael Woodford stood out from the culture of Japanese business and faced personal and financial difficulties to seek the right outcome as a whistleblower - can't wait for the film.
March 18, 2013
Gripping ...couldn't put it down.
August 7, 2025
Having read other political and business works in this vein there's definitely a familiar style to this story. A sort of polite veneer is applied to everything; like you're reading a very longform article in a business journal or news program. Woodford is always very careful on who he places blame on and mentioning the specific people who've helped him out. This tendency almost becomes too distracting towards the last third of the book, where everyone from lawyers, reporters, to even friends who invited Woodford to dinner get a mention in the book, along with a brief biographical blurb. There's a feeling of this being sort of a new LinkedIn post for Woodford, allowing him to network and talk about himself and his accolades in a literary form. Of course, none of this is new to the genre and should be completely expected to a reader picking this up, and ultimately I wouldn't consider it a default. Woodford paints himself as a sympathetic man in a David and Goliath struggle to do the right thing. I think he uses the phrase "proper corporate governance" a lot. Again, this is all perfectly true, but if you want a down to earth account of Woodford talking trash to everyone who tried to screw him over or his real feelings about his time in Japan, I don't think you'll find it here. If someone were to ask Woodford the standard interview question of "What is your greatest weakness?", he could genuinely say "Being too honest" and have this book become the entire response, but the nature of the "Job Interview" setting should give you an idea about how affected or manufactured his response sounds like.
The vibe that this whole work is essentially an extension of a resume or Job interview does color the reading experience quite a bit. If you asked me, as a layperson, what exactly Olympus did wrong I don't think I could really tell you. Something about moving money around to hide losses in bad investments. I wish more of the book could have been given to talking about basic corporate structure and financing to make the conflict clearer to readers, especially to readers like myself picking up this book decades after the scandal was in the news cycle. More importantly, by describing a case of standard corporate governance, Woodford could have spelled out exactly how Japanese corporate culture was different than usual. His frustrations were harder to understand because I have no knowledge of how a traditional western corporation would function. I also wish he spoke more about his lack of Japanese language ability. It's still very odd that a westerner with zero Japanese who also lived abroad was invited into the heart of a Japanese executive boardroom and I felt that there was probably more to the story, something which I guess would have been too divisive for the book. As it stands, you have a very clear bad guy, a very clear good guy, and everyone involved from the shareholders, to the Olympus employees and random investment firms, all just wanted to do the right thing. It makes a great story for the book but prevents readers, like myself, from getting a deeper understanding of the cultural differences between Japan and the rest of the world.
Overall, I think Woodford deserves the support for being a whistleblower and going through hell for it, and his memoir is a great piece of business reporting. But I think people looking for deeper reflections on Japanese business culture might feel slightly disappointed.
One quote I liked:
Of course social cohesion is strength, and the unity derived from a 'we not I' approach is important and to be valued. But unquestioning tribal loyalty was crippling Japan's future. The real trouble was leadership. Leaders needed to challenge, make unpopular decisions, ruffle feathers. Yes, they even needed in extremes to fire people who were not achieving the grade. Many senior Japanese managers at Olympus had never fired anyone in their entire career. Dismissing people is horrible but sometimes necessary. Choosing the right people is important, but getting rid of the wrong people is probably even more important. From my experience of working with Japanese managers, many of them completely shied away from challenging weak individuals who reported to them.
Being unilateralist, confrontational, challenging - all of which are required to bring about progress and improvement - comes with great difficulty to a culture where harmony and cohesion are prized. Japan needs mavericks - it needs some of those old founding engineers like Soichiro Honda who went against the grain. It requires, perish the thought, a few Steve Jobs. Why had Sony Ericsson been so decisively beaten in the mobile phone market by Apple and Samsung? Where was Sony's new Walkman?
And were were the women in Japanese business? Never mind in the boardroom, but in those vital middle-management roles? I am not a sociologist, but I'm good enough at basic maths to know that if you turn your back on 50 per cent of the talent in your population, then you're making a big mistake. (Pg. 225)
The vibe that this whole work is essentially an extension of a resume or Job interview does color the reading experience quite a bit. If you asked me, as a layperson, what exactly Olympus did wrong I don't think I could really tell you. Something about moving money around to hide losses in bad investments. I wish more of the book could have been given to talking about basic corporate structure and financing to make the conflict clearer to readers, especially to readers like myself picking up this book decades after the scandal was in the news cycle. More importantly, by describing a case of standard corporate governance, Woodford could have spelled out exactly how Japanese corporate culture was different than usual. His frustrations were harder to understand because I have no knowledge of how a traditional western corporation would function. I also wish he spoke more about his lack of Japanese language ability. It's still very odd that a westerner with zero Japanese who also lived abroad was invited into the heart of a Japanese executive boardroom and I felt that there was probably more to the story, something which I guess would have been too divisive for the book. As it stands, you have a very clear bad guy, a very clear good guy, and everyone involved from the shareholders, to the Olympus employees and random investment firms, all just wanted to do the right thing. It makes a great story for the book but prevents readers, like myself, from getting a deeper understanding of the cultural differences between Japan and the rest of the world.
Overall, I think Woodford deserves the support for being a whistleblower and going through hell for it, and his memoir is a great piece of business reporting. But I think people looking for deeper reflections on Japanese business culture might feel slightly disappointed.
One quote I liked:
Of course social cohesion is strength, and the unity derived from a 'we not I' approach is important and to be valued. But unquestioning tribal loyalty was crippling Japan's future. The real trouble was leadership. Leaders needed to challenge, make unpopular decisions, ruffle feathers. Yes, they even needed in extremes to fire people who were not achieving the grade. Many senior Japanese managers at Olympus had never fired anyone in their entire career. Dismissing people is horrible but sometimes necessary. Choosing the right people is important, but getting rid of the wrong people is probably even more important. From my experience of working with Japanese managers, many of them completely shied away from challenging weak individuals who reported to them.
Being unilateralist, confrontational, challenging - all of which are required to bring about progress and improvement - comes with great difficulty to a culture where harmony and cohesion are prized. Japan needs mavericks - it needs some of those old founding engineers like Soichiro Honda who went against the grain. It requires, perish the thought, a few Steve Jobs. Why had Sony Ericsson been so decisively beaten in the mobile phone market by Apple and Samsung? Where was Sony's new Walkman?
And were were the women in Japanese business? Never mind in the boardroom, but in those vital middle-management roles? I am not a sociologist, but I'm good enough at basic maths to know that if you turn your back on 50 per cent of the talent in your population, then you're making a big mistake. (Pg. 225)
December 1, 2023
This is a quite riveting account of extraordinary events. A fair few aphorisms spring to mind like ‘fact stranger than fiction’, and ‘you couldn’t make it up’, but these hardly do justice to what is a remarkable tale.
The thing that stands out to me (and clearly to others, as evinced by the afterwords) is the extraordinary fortitude of Michael Woodford, his family and his close allies. The courage and conviction it must have taken for him even to start on this path, let alone see it through to the end, quite frankly beggar belief. It is a privilege to be able to read this account of almost unbelievable levels of corporate skullduggery.
Full disclosure, I have worked with Michael Woodford on matters of road safety, and I enjoyed learning how he had his initiation in that field - albeit in tragic circumstances. Indeed, the autobiographical sections of the book too hold significant interest, not least because of the style and compassion with which they are told.
Having worked with him, I can honestly say that Michael Woodford is a remarkable man, and his best qualities - qualities that we should all aspire to - are eminently well portrayed in this book. I’ll risk ending on another aphorism, as it sums up my feelings rather well: More power to your elbow, Mr Woodford!
The thing that stands out to me (and clearly to others, as evinced by the afterwords) is the extraordinary fortitude of Michael Woodford, his family and his close allies. The courage and conviction it must have taken for him even to start on this path, let alone see it through to the end, quite frankly beggar belief. It is a privilege to be able to read this account of almost unbelievable levels of corporate skullduggery.
Full disclosure, I have worked with Michael Woodford on matters of road safety, and I enjoyed learning how he had his initiation in that field - albeit in tragic circumstances. Indeed, the autobiographical sections of the book too hold significant interest, not least because of the style and compassion with which they are told.
Having worked with him, I can honestly say that Michael Woodford is a remarkable man, and his best qualities - qualities that we should all aspire to - are eminently well portrayed in this book. I’ll risk ending on another aphorism, as it sums up my feelings rather well: More power to your elbow, Mr Woodford!
February 10, 2019
Eye opening insight into how one Japanese corporation (Olympus) is run, from the perspective of a Western businessman.
I feel like more more emphasis should have been spent on the nature of the scandal itself i.e how the scandal was originally undertaken. This was condensed into approximately four pages and was quite difficult to follow. In addition, a fair few pages dedicated to his life and what not which don't lead anything to the story, but I guess contribute to why decided to speak out.
Agree with some other commentators, that he repeated numerous time about money issues, but yet could afford countless flights between the UK and Japan. Also not quite sure why he never learnt Japanese despite working for the corporation for more than 30 years.
Overall - good read, felt abit too long. You will learn a lot about the inner workings of a typical Japanese corporation and the lack of corporate governance and business ethics.
I feel like more more emphasis should have been spent on the nature of the scandal itself i.e how the scandal was originally undertaken. This was condensed into approximately four pages and was quite difficult to follow. In addition, a fair few pages dedicated to his life and what not which don't lead anything to the story, but I guess contribute to why decided to speak out.
Agree with some other commentators, that he repeated numerous time about money issues, but yet could afford countless flights between the UK and Japan. Also not quite sure why he never learnt Japanese despite working for the corporation for more than 30 years.
Overall - good read, felt abit too long. You will learn a lot about the inner workings of a typical Japanese corporation and the lack of corporate governance and business ethics.
February 22, 2018
This book was definitely hard to put down. One of the reasons I loved it so much is because he mentions places and things that relate to me very closely. Such as the fact that he is from Liverpool and describes his childhood there. I'm also from Liverpool and put a smile on my face to hear some of the scouse phrases. I also happened to live at the Hyatt hotel in Germany for a couple months as a small child but then moved to the suburbs. Some people on the reviews seem to be judging Mr. Woodford quite hard, however, my dad is good friends with Mr. Woodford and can assure you he is a great person. This is an especially unique story in of itself. To think he came out of a scandal with no dirt on him is pretty impressive and would have put people's morals to their limits. In other words, it's a very juicy book.
April 10, 2018
I have a big question, not with regards to the book but with Woodford's role in the Olympus exposure. I don't get why he was the whistleblower. He didn't uncover anything. The real whistleblower was the anonymous employee who tipped off Facta. He confronted the board of directors based on Facta's stories and that was brave of him indeed. But that doesn't make him a whistleblower.
Other than that, the book is awful. Woodford comes out as a very unlikeable privileged white guy, sexist, racist and very self-indulgent, who chased publicity just because he wanted to be famous. We don't care about your room upgrades and your interviews to the press, dude, we care about the scandal. And the scandal itself was loosely described in detail. All we got to read was how superior he was to his japanese colleagues and how everyone loved him. Blah.
Other than that, the book is awful. Woodford comes out as a very unlikeable privileged white guy, sexist, racist and very self-indulgent, who chased publicity just because he wanted to be famous. We don't care about your room upgrades and your interviews to the press, dude, we care about the scandal. And the scandal itself was loosely described in detail. All we got to read was how superior he was to his japanese colleagues and how everyone loved him. Blah.
April 11, 2021
It's only April, but I think this will remain my read of the year for 2021. It's not a book for everyone - if you're not fascinated by corporate intrigue/fraud and how power corrupts, this may not be for you. If you are, it's a fabulously told story.
I was dimly aware of the issue back when it blew up in 2011/2012 but had paid only superficial attention. Then I stumbled onto a short video interview with Michael Woodford here:
https://www.zer0es.tv/interviews-and-...
The interview was so skillfully done (kudos to Carson Block) and the story so well told by Michael Woodford that I bought the book and read it the next day. Michael not only knows how to tell the story, he writes just as well. Reads like a James Bond thriller.
If the subject matter is of interest, you can't do better.
I was dimly aware of the issue back when it blew up in 2011/2012 but had paid only superficial attention. Then I stumbled onto a short video interview with Michael Woodford here:
https://www.zer0es.tv/interviews-and-...
The interview was so skillfully done (kudos to Carson Block) and the story so well told by Michael Woodford that I bought the book and read it the next day. Michael not only knows how to tell the story, he writes just as well. Reads like a James Bond thriller.
If the subject matter is of interest, you can't do better.
September 18, 2018
It takes a tremendous amount of courage to speak up, especially when there are so many forces against you, even for someone who is the CEO of a company.
The one slight problem I had with the book was the descriptions of the five-star treatment that Woodford received as CEO, like flying first class, staying at the Park Hyatt Hotel (and getting upgraded to fancier and fancier suites, even after he was let go from Olympus and was paying (presumably) out of his own pocket), etc. Maybe it was to contrast his humble upbringing, and also show how much he had risked by speaking out.
I listened to the audiobook and the narrator's accent choices for some of the voices/people were puzzling.
The one slight problem I had with the book was the descriptions of the five-star treatment that Woodford received as CEO, like flying first class, staying at the Park Hyatt Hotel (and getting upgraded to fancier and fancier suites, even after he was let go from Olympus and was paying (presumably) out of his own pocket), etc. Maybe it was to contrast his humble upbringing, and also show how much he had risked by speaking out.
I listened to the audiobook and the narrator's accent choices for some of the voices/people were puzzling.
December 10, 2017
I grabbed this book in a hurry at a used book sale because of mention on the cover of John Grisham. Turned out to be non-fiction, which I seldom read. Turned out to be a solid, if slightly self-indulgent piece of writing, that kept me entertained right through with it's insight into Japanese business and the tribulations of whistleblowing. My hat off to Woodford.
April 4, 2020
This book tells of a CEO who blew the whistle on the Olympus company culture and how the board members were willing to hide information just so they would not look bad. I thought it would be quite scandalous but it takes a while to get into and he starts to waffle a bit at the end.
Rateometer.......He could of ended the book sooner
Rateometer.......He could of ended the book sooner
January 27, 2024
High four. The narrative is great, the look at Olympus quite interesting. Also a touch of narrative flair. While the perspective from Woodford was nice and all, I would have preferred a few more words about the schemes themselves. It may be a personal preference so I might revisit this should I get another account of the Olympus scandal.
March 6, 2017
It's an interesting cross-cultural perspective, and a great boardroom swashbuckler memoir. My problem is that Michael Woodford comes off a little petulant and unsympathetic, so it doesn't have quite the impact as it could.
November 27, 2018
This story was to much about him and not enough detail about the scandal. I assume it was for protective reasons. Interesting read. Don't expect to much other than stories about all kinds of travel.
March 31, 2020
Interesting real life thriller involving a British executive taking leadership of a large Japanese company and discovering a deep internal conspiracy his first week, and the gargantuan task of marshaling forces to combat the conspiracy.
January 13, 2021
He took on his own organisation - and found more than he bargained for
Sometimes confusing but it is clear than ME did take on his own company and they fought back. Some of the reasoning and logic are unclear but he was brave and very scared at times
Sometimes confusing but it is clear than ME did take on his own company and they fought back. Some of the reasoning and logic are unclear but he was brave and very scared at times
May 11, 2021
I've enjoyed Michael Woodford's account of the Olympus scandal. It was great he included details of his upbringing, because it shows the reader what kind of an early life made Michael who he is. An inspirational autobiography.
July 5, 2021
Best book I’ve come across to understand Japanese board room culture. Michael is one of the best positioned westerners to illuminate it and does so in excellent detail. Enjoyable read as well. Yes, he seems to pat himself on the back but somewhat deserves it for the lengths he went here.
January 28, 2019
Really kind of a poor quality book. The story is interesting, but completely one-sided. You can't help but read it asking yourself, "how do I know everything he says is true."
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