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Credit: Reuters/Yuriko Nakao Mon Feb 20, 2012 1:14pm EST (Reuters) - Olympus Corp plans to promote executive officer Hiroyuki Sasa as president in April, the Japanese business daily the Nikkei said. Sasa, who has worked as head of development as well as marketing at subsidiary Olympus Medical Systems Corp, will be appointed president on April 20 on his approval as director at an extraordinary shareholders meeting the same day, the paper reported. Battered by an accounting scandal, Olympus believes rebuilding efforts will be better served by tapping an insider well-versed in its mainstay medical equipment business, the business daily said. Earlier this month, Japanese police and prosecutors arrested seven men, including former president Tsuyoshi Kikukawa and ex-bankers over a $1.7 billion accounting fraud. Last month, Olumpus had announced that Shuichi Takayama would step down as president to take responsibility for the company's cover-up of investment losses, the Nikkei reported. An in-house nominating committee subsequently launched a search for his replacement, considering both internal and outside candidates, the daily said. The new chairman is expected to be from main lender Sumitomo Mitsui Banking Corp, a unit of Sumitomo Mitsui Financial Group Inc, the paper reported. The board is also set to be overhauled, with independent directors to constitute more than half of the members, the business daily said. (Reporting by Arpita Mukherjee in Bangalore; Editing by Sriraj Kalluvila) Tech Deals Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Global Deals Review Inflows Outflows Japan Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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