Olympus Corp President Kikukawa speaks during a news conference in Tokyo
Japanese medical equipment and digital camera maker Olympus Corp President Tsuyoshi Kikukawa speaks during a news conference in Tokyo November 19, 2007. REUTERS

Japan's scandal-hit Olympus Corp said Wednesday its chairman and president, Tsuyoshi Kikukawa, has stepped down due to a series of media reports on the company's problems and a plunge in its share price.

Shuichi Takayama, a managing director of the company, was appointed to replace him as president.

Kikukawa had taken over as Olympus's chief executive after the company abruptly fired its British CEO, Michael Woodford, on Oct. 14.

Shares of the camera and endoscope maker fell 7.6 percent on Wednesday and have lost more than half their value since Woodford was sacked.

The company is scheduled to hold a news conference at 1730 JST (4:30 a.m. EDT).

(Reporting by Chikafumi Hodo; Editing by Edmund Klamann)