Olympus Corp announced on Wednesday that its chairman and president Tsuyoshi Kikukawa had stepped down over media reports of a widening scandal, as sources said Japan's main securities watchdog was looking into the 92-year-old firm's dubious acquisition deals.Olympus fired its British president and chief executive Michael Woodford on Oct. 14, charging that he failed to understand the company's management style and Japanese culture, and its chairman Kikukawa took over his role.Woodford -- who joined the company in 1980 -- said he was sacked for questioning a massive advisory fee paid in a 2008 takeover as well as other deals, and for urging Kikukawa to step down.The Olympus scandal could re-ignite debate on what critics say is a deep-seated weakness of Japanese management -- a lack of strong independent oversight of boards that risks inefficient use of capital and gives shareholders' rights short shrift.
Itau Unibanco Holding S.A. is a bank in Brazil. The Company has four operational segments: Commercial Banking, Itau BBA, Consumer Credit and Corporate and Treasury. Shares of ITUB remained unchanged at $18.19. In the past year, the shares have traded as low as $14.47 and as high as $26.30. On average, 19445500 shares of ITUB exchange hands on a given day and today's volume is recorded at 0.
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