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Olympus Corp. Chairman and President Tsuyoshi Kikukawa has resigned after shareholders questioned his M&A deals and 13 days after he fired the company's first non-Japanese chief executive, Michael Woodword.

Woodward claims he was terminated for challenging $687 million of fees paid in a 2008 takeover. Olympus had cited differences over his management style.

“I apologize for causing concerns due to the share decline triggered by the replacement of the previous president,” Kikukawa said in a statement. “There is no corruption” in past acquisitions, the statement said.

Kikukawa “makes the situation much, much worse,” Woodford, in New York, said in a phone interview with Bloomberg. “What you want is answers. Why was the $687 million paid? Who was it paid to?”

Bloomberg says Woodford will meet with the U.S. Federal Bureau of Investigation and submit documents related to the fees.

Olympus has vowed to set up an independent committee to probe its acquisitions.

Shuichi Takayama has been appointed as Representative Director and President. He joined the company in April 1970.

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