Canon President Steps Down; Profit Forecast Misses Estimates

Canon Inc. said its president will step down after the world’s largest camera maker forecast profit will increase by less than 1 percent for a second straight year.

President and Chief Operating Officer Tsuneji Uchida, 70, will leave both posts effective March 29 and be replaced by Chairman Fujio Mitarai, 76, the Tokyo-based company said in a statement. Uchida, who will become an adviser, offered to resign, Chief Financial Officer Toshizo Tanaka told reporters today.