After a tough fiscal year which saw Nikon's valuation cut in half, Nikon today announced the most sweeping corporate reorganization in 15 years.
- Nikon President Makoto Kimura will be replaced by Kazuo Ushida effective June 27. Kimura will remain as board chairman.
- Nikon will abandon its de-centralized "group of companies" structure adopted in 1999. Under the new structure, the various group companies will be absorbed into a single corporation, with divisional heads reporting directly to the new chief Ushida.
- Nikon will continue to diversify its business with the establishment of a Medical Business Development Division.
- In another sign of diversification, incoming President Kazuo Ushida does not come from the Imaging Company. He is currently President of Precision Equipment Company. He was appointed Head of Development of the Precision Equipment Company in 2003 and has climbed the executive ranks since then.