Herro

"Though Mr Woodford is out of the picture... the entire Board of Directors still needs to be replaced," said Harris chief investment officer David Herro, in an emailed response.

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"We will stick with the company," said David Herro , chief investment officer at Chicago-based Harris Associates LP, which, with roughly a 4% stake, is one of Olympus's biggest shareholders.

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"The implications of what's happening here are broad and deep for Japanese equity markets," said Mr. Herro, the Harris chief investment officer.

Olympus Is Under Pressure Kana Inagaki 2011

Mr. Herro has 23.5% of his fund in Japan—three times its weight in the Morgan Stanley All Country World Index.

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"In 1989, Japan was half of total world-stock market value, trading around 60 times earnings, and everyone loved it," says David Herro , manager of the $7.7 billion Oakmark International fund.

Some Investors Are Betting That Japan Will Rise Again Jason Zweig 2011

"Clearly, there are a lot of serious questions surrounding corporate governance at Olympus, especially around" mergers and acquisitions, Mr. Herro said.

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Some investors "think that because a company is based in a slow-growing developed market, it must be bad," says Mr. Herro, whose funds had 23% of their assets by dollar value in Japan as of March 1.

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For long-term investors, this was an opportunity to "exploit the short-term impatience," says David Herro , portfolio manager for Oakmark International and Oakmark International Small Cap .

Buying Japan Once Again Rob Curran 2011

David Herro , chief investment officer at Chicago-based Harris, said he hopes the Japanese company will "put in place a management team more in tune with modern governance practices."

Olympus Is Under Pressure Kana Inagaki 2011

"Japanese companies are getting much better with capital allocation," says Mr. Herro.

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