Fujitsu's wrist slapped over president’s ‘resignation’

9 March 2010

Tech giant had originally claimed president stepped down over illness, but this week revealed that he was pushed

The Tokyo Stock Exchange has served Japanese technology giant Fujitsu with a verbal warning after the company revealed this week that its CEO Kuniaki Nozoe was asked to step down in September 2009 due to links to a firm with an ‘unfavourable reputation. Fujitsu has originally claimed that Nozoe had stepped down due to ill health.

The TSE did not, however, argue that Fujitsu has deliberately misled investors, claiming instead that its original statement had “failed to provide adequate explanation.”

The firm with which Nozoe was allegedly linked has not been named, but his lawyer denies any wrongdoing.

Fujitsu’s share price dropped by 2.7% following the revelation.

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