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Canon president steps down as forecast lower than expected

updated 02:40 pm EST, Mon January 30, 2012

CEO and chairman reprises role as Canon president

Canon's 70-year-old president is stepping down, with the company's current chairman and CEO taking on those additional responsibilities. Tuneji Uchida will step down on March 29, according to a Monday report. Fujio Mitarai, 76, was president of Canon between 1995 and 2006, and will now reprise the role.

Canon is among many Japanese manufacturers that rely for the majority of its business on exports, making 80 percent of its revenue from overseas sales. The company has also been hurt by the strong yen that's hurt overseas sales, along with the floods in Thailand that shuttered a factory and slowed supply.

The profit forecast was 390 billion yen ($5.1 billion), which is up from 2011's 378.1 billion yen but under the average forecast of 470 billion expected by a consensus of 20 analysts.

Canon expects to hand over reins to the company to the next generation of executives over the next three years, chief financial officer Toshizo Tanaka stated on Monday.




by MacNN Staff

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