Olympus CEO exits after allegation he bought illegal drugs

TOKYO - Olympus pushed out its chief executive after investigating an allegation he purchased illegal drugs, a stunning exit for the German native after less than two years at the helm.

- 

The Japanese company's shares declined more than 7 per cent after markets opened on Oct 28, the biggest intraday slide in almost three months, after it said Mr Stefan Kaufmann had resigned all positions effective immediately.

Olympus, best known as a designer of cameras and imaging gear before a pivot into medical equipment such as endoscopes, would not comment further on the case, citing an ongoing investigation. Kyodo News reported that the Japanese police were conducting their own probe.