Whistle-blower to get $15.4 million

TOKYO — Former Olympus Corp. Chief Executive Michael Woodford will receive $15.4 million in a settlement over his dismissal from the Japanese camera and medical equipment maker. Olympus also announced it will cut nearly 3,000 jobs.

Last week, both sides said they reached a settlement. Olympus disclosed the figure Friday after approval from its board. It said the dispute was being brought to a close.

Woodford, a Briton, was fired in October after he blew the whistle on dubious accounting at Olympus.

The Tokyo-based company has acknowledged that it hid $1.5 billion in investment losses dating back to the 1990s.

Woodford sued in a British court, accusing Olympus of unlawful firing and discrimination in not treating him the same way as a Japanese executive.

The executives met without hearing from him and kicked him out, according to Woodford. He welcomed the board’s decision. “In today’s settlement between myself and the company we reached a fair and amicable agreement, and I would like to take this opportunity to wish the new board well in taking Olympus forward,” he said in a statement from London. “It is a wonderful company with wonderful products and people and has a bright future ahead of it.”

Olympus also said Friday that it will cut 2,700 jobs, or 7 percent of its global work force, by the end of March 2014 as part of its cost-cutting efforts. It will scrap about 40 percent of its 30 manufacturing plants around the world by the end of March 2015.