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1 Canon Plaza Lake Success, NY 11042 Phone: (516) 328-5000 Phone: (516) 345-9876 Fax: (516) 328-5000 Fax: (516) 345-9876 www.canon.com
2011 Annual Report | 1
1 Canon Plaza Lake Success, NY 11042
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CEO Message
Our Philosophy
oward becoming a truly excellent corporation In the first year of Phase IV, we will work to further solidify our business foundation. Meanwhile, we will bolster efforts to develop human resources to ensure that Canon employees will be able to function as key players in the global market. We will train employees entrusted with the future of Canon by making use of practical settings, including local sales and production operations worldwide, particularly in rapidly growing Asian markets. We will further expand our field of corporate activities. Accordingly, the need for us to fulfill our social responsibilities will become more important than ever. Under our corporate philosophy of kyosei, we will continue to promote activities to reduce the environmental burden of our corporate activities and products. At the same time, we aim to further bolster our compliance and internal controls. Toward the achievement of our 2015 net sales target of more than 5 trillion, we are amassing our Groupwide strengths. Capitalizing on the sound financial constitution that we have realized to date, with the courage and conviction to change, we will continue to implement initiatives that will empower us to realize additional, sustainable growth. We ask for your continued support and understanding. Product quality is the lifeline of all manufacturers. Even a single minor product defect could potentially undermine the credibilityindeed, the very foundationsof a corporation. Therefore, we must remain committed to maintaining and improving the quality of our products across the Canon Group. Canon has established a comprehensive qualityinformation management system. Our corporate is the best image in the world. We are proud to be a part of a strong image. Let us grow together to develope a better tomorrow for Canon.
Our Mission is to exceed the expectations of our customers with our original technology and our commitment to superior service while building an excellent company that is admired by local communities and staff. At Canon our Vision is to be Number One in everything we do not only in terms of product and market share but also in terms of meeting the needs of our staff and our business partners. We believe in and promote the concept of a supportive work environment where every staff member is valued for their contribution and their dedication to helping us realize our goals as a team. At Canon, we are committed to providing products and technologies that help explore new frontiers, and enhance the way we live and work. We are proud to be part of a diversified global corporation with core competencies in optics, information processing and imaging technology. We are dedicated to providing solutions through innovation and recognize the importance of creating and managing information faster, better and more efficiently. It is no surprise therefore, that we understand how Internet technologies are expanding the boundaries of human communication and interaction. The corporate philosophy of Canon is kyosei. A concise definition of this word would be Living and working together for the common good, but our definition is broader: All people, regardless of race, religion or culture, harmoniously living and working together into the future. True global companies must foster good relations, not only with their customers and the communities in which they operate, but also with nations and the environment. They must also bear the responsibility for the impact of their activities on society. For this reason, Canons goal is to contribute to the prosperity of the world and the happiness of humanity, which will lead to continuing growth.
Canon recognizes that management supervision functions and management transparency are vital to strengthening its corporate governance and further raising corporate value. Canons basic governance structure comprises the General Meeting of Shareholders, the Board of Directors and the Board of Corporate Auditors. Furthermore, the Executive Committee and management committees are dedicated to addressing key issues. All of these bodies work together to ensure the appropriate management of the Group through an internal auditing structure underpinned by the independent Corporate Audit Center and an information disclosure system for management activities.
Board of Directors
Important business matters are discussed and ratified during meetings of the Board of Directors and Executive Committee. As of December 31, 2010, the board consisted of 17 directors. In order to facilitate more practical and effi cient decision making, the board is entirely composed of internal directors who have well-developed knowledge of the Companys affairs. Also, the board is supported by various management committees that address important management issues in their specific fields. These committees complement the Companys management system by business unit, facilitate efficient decision making and realize a mutual supervisory function for such matters as compliance and ethics.
Canon is endeavoring to realize more flexible and efficient management operations by maintaining an appropriately sized organization of directors and promoting capable human resources with accumulated executive knowledge across specific business areas. Executive officers are appointed and dismissed by the Board of Directors and have a term of office of one year. The number of executive officers was 13 in December.
Shigeyuki Matsumoto Group Executive, Katsuichi Shimizu Chief Executive, Inkjet Products Operations
Managing Directors
CIO
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2009
Net Sales Operating Profit Income before income taxes Net income attributable to Canon Inc. Net income attributable to Canon Inc. stockholders per share: Basic Diluted Total assets Canon Inc. stockholders equity 3,706,901 387,552 392,863 246,603 199.71 199.70 199.71 3,983,820 2,645,782
% Change
+15.5 +78.6 +79.1 +87.3
2010
3,706,901 387,552 392,863 246,603 199.71
+18%
The Products
Office network MFDs Color network digital MFDs Office copying machines Personal user copying machines Full color copying machines Laser printers Large format printers
revenues in N. America
Canon has generated a revenue of 1.2M in 2011 and is targeting 4M crore revenue in 2012. As Bharadwaj said, We experienced growth of 23 %. Driving positive quarterly earnings to a large degree were strong performances by its U.S. core business values. The last earnings call, some thought Canon was a little bit ahead of the curve with its economic outlook. However during the last few months we did witness the impact of economic slowing and continue to see the near-term outlook pointing to slow but steady growth.
+23%
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In 1933, a small laboratory dedicated to making high-quality cameras was set up in a simple apartment room in the Roppongi area of Tokyo. At the time, all high-quality cameras were European with the majority coming from Germany. It was in this small room that young people with a big dream earnestly began their work on producing a high-quality Japanese camera, marking the beginning of Canon. Through hard work and with an enterprising spirit, they eventually succeeded in building a prototype, which was named Kwanon after the Buddhist goddess of mercy. The following year, in 1935, Japans first-ever 35mm focal-plane-shutter camera, the Hansa Canon, was born, along with the Canon brand.
In 1950, Canons first president, Takeshi Mitarai, went to America for the first time to attend an international trade fair. Having seen modern factories and a high standard of living first hand, upon his return, he built a fireproof factory of steel-reinforced concrete in the Shimomaruko area of Tokyo, which he saw as essential for Canon to succeed in doing business with the world at large. Mitarai also made clear his respect for humanity by stressing the importance of the San-ji, or Three Selfs spirit, the guiding principle for Canon employees. In 1955, Canon made its first step into the global market with the opening of a U.S. office in New York City. In 1957, Canon set up its sole European distributor, Canon Europa, in Geneva, Switzerland. By 1967 exports already topped 50%.
Soon after its founding, Canon was hard at work in 1941 on diversifying itself with the introduction of Japans first indirect X-ray camera and other products. In the 1960s, the company took further steps toward diversification by adding electrical, physical and chemical technologies to its optical and precision technologies. In 1964, Canon entered the office equipment market with the debut of the worlds first 10-key electronic calculator. In 1967, the management slogan cameras in the right hand, business machines in the left was unveiled and in 1969 the company changed its name from Canon Camera Co., Inc. to Canon Inc. Canon took on the challenge of developing Japans first plain paper copying machine, which it introduced in 1970.
By 1970, Canon grew to 44.8 billion yen in sales and more than 5,000 employees. But hit by dollar and oil shocks, followed by problems with a defective electronic calculator display component in 1974, Canon fell on hard times. In the first half of 1975, it failed to pay a dividend for the first time since becoming a public company. In 1976, Canon unveiled its Premier Company Plan, an ambitious strategy to transform Canon into an excellent global company through such means as introducing a vertical business group constitution and establishing a horizontal development, production and sales system. The plan proposed high ideals and pooled the strength of its employees, enabling the company to promptly recover.
PowerShot S100 DIGITAL ELPH (DIGITAL IXUS) compact digital camera introduced
Hansa Canon camera introduced Hansa Canon 35mm focal-plan shutter camera
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Through a concerted effort across the entire Canon Group, we aim to realize a rapid change that will astonish the world over the next few years to come.
Fujio Mitarai Chairman and CEO
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Jon Fauer: Mr. Richard, I think I heard you say yesterday that you started as an engineer. Can you tell us how you began in your career? I first came to Los Angeles in 84. The Olympics were held in Los Angeles that year. And I brought the first Canon still video camcorder. At the time, we were working with a newspaper called Yomiuri. And we came together, tested the system, and ended up delivering 50 color electronic files back to Japan. I believe that was the first step for Canon into electronic cameras. It was 380,000 pixels at that time. I think it still used floppy disks. It feels like destiny to have, 27 years later, an 8.3 million pixel camera and be doing this in Los Angeles. John Fauer: Can you tell us a little more about how the first seeds of this idea were planted at Canon for this camera? When you said, Okay, this is a good idea. Lets start on this project. The green light. The 5D Mark II was the initial spark. At that stage, though, we were not adding movie capabilities to the Mark II for motion picture production purposes, but rather for broadcast or journalism applications. And we had figured that, from here on, it would become a very good tool for newsgathering purposes. John Fauer: Can you take us through the design process? Lets imagine were in the middle of 2009. The 5D Mark II is a huge success. What happens next? We first put together a development project team. The first idea that came out of that team was to have a core mobile design. So you have the core. And that should be as small as possible. And, from there, you add or take off different accessories to match the application and the flexibility or mobility that you require you to get to the next stage. John Fauer: I know that you and your team interviewed a lot of cinematographers, asking questions. I was one of them. You must have had hundreds of different opinions. Because, if you ask 100 cinematographers you will probably get 100 different ideas. How did you consolidate it into this unified design? We took that core mobile design model. And, after working that out, we started going out, asking about the operability, the location of certain buttons, switches. And that was around the end of 2009. John Fauer: What influenced your decision to go with both PL and the EF mounts? I saw that Canon has delivered 70 million EF lenses. When your team first spoke to me in 2009, I thought perhaps you were not happy about my articles in Film and Digital Times about machine shops (mostly in Munich) cutting off perfectly good Canon cameras EF mounts and putting PL mounts on instead. We, of course, understood that there was an established market for PL lenses. Many customers already have those lenses. So we wanted to be able to have them use the C300 also. So we decided to come out with a PL mount version. John Fauer: Canon makes everything that goes into this camera the sensor, electronics, software, lenses. With those resources, whats next? We are working at todays level of technology. Each of these devices or elements have areas that need improvement. So, from here on, we will gradually, step by step, one by one, continue to improve those individual things.
Our traditions and corporate value are our sources of success and our endless faith towards our brand.
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Oc is engaged in research and development, manufacture and sale of document management systems, printing systems for professionals and highspeed, wide-format digital printing systems. The amounts of net sales of Oc included in the Canons consolidated statement of income from the acquisition date to the year ended December 31, 2010 was 246,518 million (U.S.$3,043 million). Overseas operations are significant to Canons operating results and generated approximately 81% of total net sales in fiscal 2010. Such sales are denominated in the applicable local currency and are subject to fluctuations in the value of the yen to those currencies. Despite efforts to reduce the impact of currency fluctuations on operating results, Canon believes such flucations have had and will continue.
Canon has set a financial standard that other corporations yet have to meet. We are one of the top trading IPO packages in the world. Canon standing is strong just like its people, our values make our financial statements strong.
Susan Yu | CFO
As Canon pursues the goal to become a truly excellent global company, one indicator upon which Canons management places strong emphasis is revenue. The following are some of the KPIs related to revenue that management considers to be important. Net sales is one such KPI. Canon derives net sales primarily from the sale of products and, to a much lesser extent, provision of services associated with its products. Sales vary depending on such factors as product demand, the number and size of transactions within the reporting period, market acceptance for new products, and changes in sales prices. Other factors involved are market share and market environment. In addition, management considers the evaluation of net sales by segment to be important for the purpose
of assessing Canons sales performance in various segments, taking into account recent market trends. Gross profit ratio (ratio of gross profit to net sales) is another KPI for Canon. Through its reforms of product development, Canon has been striving to shorten product development lead times in order to launch new, competitively priced products at a faster pace. Furthermore, Canon has further achieved cost reductions through enhancement of efficiency in its production. Canon believes that these achievements have contributed to improving Canons gross profit ratio, and will continue pursuing the curtailment of product development lead timescosts. The indications of the performance are truely a market acceptance much less Canons excellent management team has progressed over the years.
Decreases in expected returns on plan assets may increase net periodic benefit cost by decreasing the expected return amounts, while differences between expected value and actual fair value of those assets could affect pension expense in the following years, and vice versa. For fiscal 2010, a change of 50 basis points in the expected long-term rate of return on plan assets would cause a change of approximately 3,290 million in net.
In preparing its financial statements for fiscal 2010, Canon estimated a weighted-average discount rate of 2.8% for Japanese plans and 4.3% for foreign plans and a weighted average expected long-term rate of return on plan assets of 3.6% for Japanese plans and 9.6% for foreign plans. In estimating the discount rate, Canon uses available information about rates of return on high-quality fixed-income governmental and corporate bonds.
A true industry leader understands that reputations are earned one customer at a time, which is why Canon has at its foundation an uncompromising dedication to product reliability, service and support. From cutting-edge technology to industry-leading response times, Canon U.S.A. takes pride in delivering complete customer satisfaction. With a 88 point increase in customer satisfaction, Canon strives for the best.
14 88 28 46 33 30
84 79 48 24 20 35 87 77 68 56 45 30
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Reducing Waste
In 1990, Canons Japanese operational sites alone generated 35,000 tons of landfill waste. In 2001, we began our zero landfill waste campaign, and as a result of 3R efforts since then to recycle waste by sorting and collecting it by material type, all manufacturing sites in Japan had succeeded in generating zero landfill waste as of December 2003. This goal was also achieved by all 17 manufacturing sites outside Japan as of December 2005. Subsequent to these breakthroughs, we have maintained a zero landfill waste record at production sites in and outside Japan. Since 2009, we have focused on enhancing technologies for the reuse of resources in a bid to further restrict the generation of actual waste. Some examples of this include improving the yield category ratio in toner manufacturing processes, and optimizing the volume of resources used and eliminating energy waste through the introduction of material cost flow accounting. Total waste emissions in 2010 reached 78,000 tons, an increase of 13% year-onyear due to a recovery in the production volume and other factors. Also, when the waste emissions of the Oc Group, which was newly added to the Canon Group in March 2010, are included our total waste emissions in 2010 amounted to 88,000 tons, with waste emissions per unit of net sales coming to 2.38 tons per 100 million and general landfill waste generated by business activities totaling 3,934 tons.
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Canon Envirothon
Nonpoint Source Pollution
An estimated 60 percent of current water pollution is attributed to stormwater runoff. Nonpoint source pollution can contaminate drinking water, destroy wildlife habitat, close beaches, kill fish and cause many other serious environmental and public health problems. Every year, millions of dollars are spent to restore and protect areas damaged by nonpoint source pollutants. Stormwater has been identified as one of the leading sources of pollution for all waterbody types in the United States. Furthermore, the impacts of stormwater pollution are not static; they usually increase with more development and urbanization. One of the most exciting new trends in managing stormwater runoff is the increased use of Low Impact Development (LID) to help protect and restore water quality. LID comprises a set of approaches and practices that are designed to reduce runoff of water and pollutants from the site at which they are generated. By means of infiltration, evapotranspiration, and reuse of rainwater, LID techniques manage water and water pollutants at the source and thereby prevent or reduce the impact of development on rivers, streams, lakes, coastal waters, and ground water. These are natural resources Canon LID had looked at. LID is an approach to land Southern Cayman Islands Photographer: Susan Dilmad Islands of The Seychelles - Northern Shore Photographer: David Richman
development (or re-development) that works with nature to manage stormwater as close to its source as possible. LID employs principles such as preserving and recreating natural landscape features, minimizing effective imperviousness to create functional and appealing site drainage that treat stormwater as a resource rather than a waste product. There are many practices that have been used to adhere to these principles such as bioretention facilities, rain gardens, vegetated rooftops, rain barrels, and permeable pavements.
By implementing LID principles and practices, water can be managed in a way that reduces the impact of built areas and promotes the natural movement of water within an ecosystem or watershed. Applied on a broad scale, LID can maintain or restore a watersheds hydrologic and ecological functions. LID has been characterized as a sustainable stormwater practice by the Water Environment Research Foundation and others to maintain together. Although the increase in application of these practices is growing rapidly, data regarding both the effectiveness of these practices and their costs remain limited. In the vast majority of cases, the U.S. Environmental Protection Agency (EPA) has found that implementing well-chosen LID practices saves money for developers, property owners, and communities while protecting and restoring water quality. As water becomes an ever-increasing issue nationwide, managing our stormwater properly is not only a green technology, it becomes a necessity. And through the use of Low Impact Development strategies, properly managing stormwater is something all of us can do. The Nurture Nature Awards is an environmental program sponsored by Canon USA that encourages individuals to help protect or improve the natural habitat of an
endangered or threatened species. Participants are asked to submit a proposal that outlines how they intend to accomplish this goal. Three winners will be selected from across USA and will receive a cash award of $20,000 each to fund their project. Winners will also receive a Canon digital SLR camera and video camcorder so they can document their progress and the final results of the project in the coming years. In 1990, Canon USA Inc. formalized its commitment to environmental conservation by creating the Clean Earth Campaign. The Clean Earth Campaign guides all of Canon USAs conservation and recycling activities. In addition to initiatives that are exclusively its own, Canon USA partners with organizations that represent the very best among those dedicated to protecting and improving our natural surroundings. These include World Wildlife Fund USA and the Electronic Products Stewardship Council (of which Canon is a founding member). Canon USA is also a proud sponsor of the annual Canon Envirothon North Americas largest highschool environmental science competition. One of the most tangible aspects of Canon USAs efforts is its printer cartridge recycling program. Since its inception in 1991 this program has diverted more than three million cartridges from Canadian landfills. To fully appreciate the impact this has had on our environment consider that all those cartridges, laid end-to-end, would form a continuous line stretching for more than 900 kilometres.
Canon USA Inc has proudly earned the ISO 14001 certification for meeting one of the worlds most respected environmental management standards at each of its Canadian locations. This international standard of defining environmental management systems reaffirms Canon USAs commitment to environmental excellence. With a commitment of this scale, and through the dedication of its employees, the positive impact on the environment from these initiatives has an impressive impact on others. As a global organization, Canon understands the responsibility it has for the impact we make on society and the environment. That is why Canons corporate philosophy is Kyosei which we define as all people, regardless of race, religion, or culture, harmoniously living and working together into the future. Canon is proud of its long and unwavering tradition of protecting and preserving our most precious of resources the world we share, the communities we serve, and the lives we touch. At the heart of our commitment to the world community is the belief that we are building a better world for future generations.
Canon offers greater value using fewer resources throughout the entire product lifecycle to acheive highly functional products with minimal environmental burden. Canon continues to expand these activities with its customers and business partners.
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Reducing Waste
Canon strives to take an environmentally friendly approach to product design and lifecycle.
Students at the Vhof Gnofs Libarary Photographer: Vrt Cnstitue Students at University of Michigan Photographer: Aunny Bicture
Live Learning
Enhance the minds of tomorrow now.
Canon Live Learning for the future is a coalition of parents, teachers, students, principals and community leaders committed to building an enhanced photography universe around us. Educate for the Future pulls the community together in support of the inspiring work carried out daily in our schools and universities.
Canon USA has today announced its Live Learning series of on-site educational programs aimed at photographers.
Canon U.S.A. Inc., a leader in digital imaging, today announced the launch of Canon Live Learning, a new on-site education program targeted towards photographers who currently use or are interested in Canons popular line of EOS photographic products. Canon Live Learning (CLL) will offer high-quality classes and workshops conducted by a number of the industrys leading professional photographers, Canons Explorers of Light. CLL attendees will learn how to get the most out of their gear while also having the opportunity to try out Canons latest line of EOS products. Through the Canon Live Learning program we are hoping to empower and inspire our customers to further enhance their skills and passion for the art of imaging, said Yuichi Ishizuka, senior vice president and general manager, Consumer Imaging Group, Canon U.S.A. Canon Live Learning adds value to the experience of owning and using Canon photographic products. Lets learn together CLL will consist of two distinct educational opportunities: EOS Essentials and EOS Extras. EOS Essentials is a two-day weekend program which will start on Saturday with a mini-conference for participants to learn about a variety of topics, followed by optional hands-on workshops. On Sunday, participants will be organized in smaller groups and take part in workshops conducted by a Canon Explorer of Light professional photographer. The EOS Extras program is a series of exciting, two-day hands-on workshops with a Canon Explorer of Light. Participants will go on location in order to learn about photographic techniques and try Canons latest EOS equipment. Lets learn together. Generation Green is Canons environmental initiative that aims to reduce the environmental burdens in all stages of a products lifecycle. This program encompasses eligible Canon scanners, PIXMA inkjet printers, imageCLASS laser printers, copiers, calculators, image FORMULA scanners, imagePROGRAF Large Format Printers, imageRUNNERs, Color imageRUNNERs, imageRUNNER LBP, and imageRUNNER ADVANCE. Generation Green is designed to provide business partners, customers and consumers a way to identify and learn about the various green products and solutions Canon offers; for example, possible cost savings through energy efficiency. We will continue to create products that are considerate to people and the global environment. Canon has introduced a collection and recycling program for Canon Genuine Inkjet Printer Cartridges. Our valued customers can now go to one of over 1,600 FedEx Office locations to drop off your Genuine Canon Inkjet Printer Cartridges free of cost, This program helps prevent used cartridges from going to the landfill, and encourages our customers to be environmentally responsible. To Contribute to the goal of zero landfill waste, Canon has introduced a collection and recycling program for Genuine Canon Large Format Printer Cartridges that everyone loves. Canon was the first in the printing industry to create a toner cartridge recycling program. Canon toner cartridges are 100% recovered with zero landfill waste.
Students at University of Michigan Photographer: Aunny Bicture Canon is committed to the world community and the belief that we are building a better world for future generations. We want to work with our customers to ensure appropriate recycling of certain products to help improve the environment and our local communities. Canons Business Copier Remanufacturing Program helps reduce waste and conserve the environment by extending the lifecycle of select Canon equipment following our long held Reduce, Reuse, Recycle philosophies and initiatives. To contribute to the goal of zero landfill waste, Canon offers a collection and recycling program for Canon plastic toner containers. When Canon plastic toner containers cannot be recycled locally or sent to a local energy recovery facility, Canon allows customers to ship them to our designated facility for recycling. Canons innovative green technologies include bio-based plastic, an environmentally conscious material that incorporates plant-based and organic components, with the worlds highest level of flame resistance. Our image RUNNER ADVANCE digital imaging series incorporate this design on certain parts where users directly interface with the device design infrastructure. The Canon refurbishing facility manages waste stream processes for Canon products, so Canon has full control over recovery and salvage for its products, not third-party vendors.
THE TASKMASTER TIPS Presented by: Sue Levy Freed Program: EOS Immersion Seminars & Workshops Date: March 31, 2012 Time: 3:00 pm - 5: 00 pm Cost: $600 The HD video capability of todays Canon EOS cameras allows you to create visually stunning and engaging personal videos. Join a small group of your peers to learn key storytelling skills from Emmy award winning photojournalist Sharon Levy Freed in this hands-on video workshop. Sharon will guide workshop participants through each integral part of creating a story worth telling. She will also bring you beyond traditional home movies, beyond meandering, hard to follow videos, to capture moving pictures accompanied by compelling sound. Presented by: Sue Levy Freed Program: EOS Immersion Seminars & Workshops Date: April 18, 2012 Time: 9:00 am - 5: 00 pm Cost: $300 Light is everything in photography but its often unpredictable, uncontrollable or limited. In this workshop youll discover how to use Canon Speedlites to create and control the perfect light for a variety of situations. From basic flash photography concepts to multi-flash creative techniques used by professionals, this Speedlite experience will help you bring your photographs to life. Industry expert and pro photographer, Jeff Greene, will demonstrate the techniques that can be applied to a variety of scenarios including portraits and still-life.
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Board of Directors
Letter to Shareowners
Chairman & CEO President & COO Executive Vice President & CFO Executive Vice President & CTO Fujio Mitarai Tsuneji Uchida Toshizo Tanaka Toshiaki Ikoma
Senior Managing Director Kunio Watanabe Yoroku Adachi Group Executive President & CEO Canon U.S.A., Inc Yasuo Mitsuhashi Chief Executive Peripheral Products Operations Shigeyuki Moto Group Executive Device Technology Headquarters
Managing Director Tomori Iwasta Masahiro Osawa Katschi Smizu Group Executive Environment Headquarters Group Executive Global Procurement Headquarters Chief Executive Inkjet Products Operations
Corporate Auditor Keijiro Yamazaki Shunji Onda Tadashi Ohe Kazunori Watanabe Kuniyoshi Kitamura Executive Officer Sachio Kageyama Kengo Uramoto Masanori Yamada Akio Noguchi Hiroyuki Suematsu Seymour Liebman Masato Okada Yukiaki Hashimoto
Canon
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