Camera manufacturer Nikon revealed that they will be undergoing a reorganisation of their corporate structure and change of director assignments on the back of Nikon’s stocks slumping to their lowest levels since 2011.
In order to build a foundation for sustainable growth and establish a more robust corporate culture, Nikon president Makoto Kimura said that the company is still aiming to build a stronger entity, but as part of its new strategy will be solidifying its core businesses of imaging and precision equipment.
“This structural reorganisation is indispensable for Nikon to respond agilely to the changing business environment and to realise sustainable growth. This is the most transformative reorganisation for the company since the introduction of its in-house company system in October 1999,” Nikon said in a press statement.
Nikon made a host of changes in a management reshuffle, appointed a new auditing firm and changed the designation of some directors and officers. Current president and member of the board Kimura will be replaced by Kazuo Ushida, who has been serving as representative director, member of the board and senior executive vice president.
The company embarked on shuffling almost the entire upper management, making more than 15 changes to the board. Closing off their books for the year ending March 2014, Nikon’s stocks finished 4% lower – the worst the company has performed since 2011.
[Source: Nikon, image: Flickr Creative Commons]