Canon’s president steps down as earnings outlook falters

TOKYO | Mon Jan 30, 2012 3:07am EST TOKYO (Reuters) – Canon Inc said on Monday its president Tsuneji Uchida would step down and his role would be taken on by chairman and chief executive Fujio Mitarai after the camera and printer maker forecast much weaker-than-expected earnings growth for this year. TOKYO (Reuters) – Canon Inc said on Monday its president Tsuneji Uchida would step down and his role would be taken on by chairman and chief executive Fujio Mitarai after the camera and printer maker forecast much weaker-than-expected earnings growth for this year. Like other Japanese exporters, Canon, which makes 80 percent of its revenue overseas, has been buffeted by the strong yen, a weak economic outlook and the floods in Thailand, although it has been quite aggressive in countering these challenges by cutting costs and increasing automation

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