WEST CALDWELL, N.J., June 25, 2010 /PRNewswire via COMTEX/ -- Ricoh Americas Corporation, a leading provider of digital office equipment and advanced document management solutions and services, today announced that Kevin Togashi will assume the role of Chairman and Chief Executive Officer of Ricoh Americas Corporation effective July 1, 2010.
Togashi takes on the role from Matthew J. Espe who has resigned his post as Chairman and Chief Executive Officer of Ricoh Americas Corporation to become Chief Executive Officer and President of Armstrong World Industries, Inc.
Togashi will also retain his role as Chairman and Chief Executive Officer of Ricoh Americas Holdings, Inc. to manage the asset value and execute governance of all of Ricoh's sales companies in the Americas. Togashi has over 37 years of experience with Ricoh, and also held the position of Chairman and Chief Executive Officer of Ricoh Europe.
"Matt has provided outstanding leadership and direction to our organization, first as Chairman and Chief Executive Officer of IKON Office Solutions, Inc. which was acquired by Ricoh in 2008, and then to Ricoh as he helped leverage the synergies between the organizations," said Togashi. "He has put in place a strong, integrated leadership team to allow us to take advantage of the combined strengths of all our sales and service channels, with a focus on increasing our market share and improving our business going forward."
"My decision to leave Ricoh was an extremely difficult one because of all the great employees and the opportunities we have to build on our leadership position in the industry. The opportunity to become the CEO of Armstrong however was a great fit, and one that I could not ignore," said Espe. "I leave knowing that Ricoh Americas Corporation has a position of strength in the market, with an experienced leadership team, talented and dedicated employees, and an industry-leading portfolio of technology and solutions to meet our customers' needs today and in the future."
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Good time to leave a sinking ship. No surprise it happened at quarter end. Take a look at Ricoh's financials:
ReplyDeletehttp://www.wikinvest.com/stock/Ricoh_(RICOY)/Data
When you run a company with an operating margin of 1.5% and NEGATIVE (.05%) net margin and long-term debt of 5.34 billion it's probably good to leave now.