Canon's Makeover Miracle

In 10 years, the electronics maker cut costs, dumped departments, and traded debt for huge profits. A new chief continues the trend

It has now been more than a year since legendary Canon (CAJ) President Fujio Mitarai handed over the day-to-day running of Japan's most profitable electronics company to Tsuneji Uchida. During Mitarai's decade-long tenure, Canon transformed itself from a lumbering, debt-ridden symbol of Japan's economic decline to a lean profit machine. Rivals no doubt hoped the new era under Uchida might see Canon come unstuck, but so far there is scant evidence that the company is suffering from the transition.

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