Canon today joined a longer list of Japanese companies who are experiencing difficulties lately, as the company announced that its president Tsuneji Uchida will step down.
As a sign of things to come, the company already forecasted weaker earnings growth than initially expected. Uchida’s role would be filled by chairman Fujio Mitarai.
The company said that strong yen and weak economic outlook, coupled with flooding in Thailand, brought about such a situation. It claims that it faced extremely demanding conditions throughout 2011.
More here.
Yen, economy, floods