Stefan Kaufmann, the German CEO of Olympus Corp., has resigned following allegations of purchasing illegal drugs, leading to a 6% drop in the company's shares. Olympus conducted an investigation in consultation with legal counsel and determined that Kaufmann likely engaged in behavior inconsistent with the company's global code of conduct. He joined Olympus in 2003 and became CEO in April 2023, marking the second time a foreign-born leader has been ousted from the company, the first being Michael Woodford in 2011. Chairman Yasuo Takeuchi will temporarily assume CEO responsibilities while a successor is considered. Authorities have been notified, and police previously searched Kaufmann's residence but found no illegal drugs. Olympus, which transitioned to focus on medical equipment after selling its camera division, maintains a significant presence in the endoscope market.