(CNN) -- Shareholders of the Olympus Corp. approved a new board Friday despite objections from a vocal minority of shareholders seeking new management that can distance the company from the $1.7 billion cover-up that rocked Japan Inc. The extraordinary shareholders meeting started with the outgoing president, Shuichi Takayama, apologizing to the investors on the cover-up of the losses. He was greeted by boos and hisses. Allegations against the Japanese camera and medical equipment maker came to light after the October dismissal of former President Michael Woodford -- a rare foreign chief executive in corporate Japan -- after he questioned ex-board members about dubious transactions at the center of the case.
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NEW: Shareholders of the Olympus Corp. approve a new board despite objections
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New management will run the camera maker whose $1.7 billion cover-up rocked Japan Inc.
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Allegations after the October dismissal of former Olympus President Michael Woodford
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Outgoing president, Shuichi Takayama, was greeted with boos and hisses from shareholders
The article also questioned the $773 million paid for three small @placeholder companies -- a face cream maker, a plastic container maker and a recycling business, each with fewer than 50 employees.