Michael Woodford, the former chief executive of Olympus Corp. (7733.TO), said Thursday he is resigning from the company's board to work on an alternative plan for managing the scandal-hit maker of cameras and medical equipment.

The current Olympus management, headed by President Shuichi Takayama, "shouldn't be choosing the destiny of the company. They are wrong people," said Woodford. He said his plan includes his own return to senior management at the company.

Woodford said he would be working with "various parties" on his proposals for leading the company on an alternative management path.

An Olympus spokesman said he hadn't yet been able to confirm whether Woodford had resigned from the board.

-By Juro Osawa, Dow Jones Newswires; +81-3-6269-2794; juro.osawa@dowjones.com

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