wow didnt see this one coming
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Ricoh takes another hit...
http://www.marketwatch.com/sto...reflink=MW_news_stmp
Word has it that when he peeled the layers off the onion, he knew he would be deemed a failure...
http://www.marketwatch.com/sto...reflink=MW_news_stmp
Word has it that when he peeled the layers off the onion, he knew he would be deemed a failure...
meaning what? He was inheriting a mess or created one?
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."
About Ricoh Americas Corporation
Ricoh Americas Corporation, headquartered in West Caldwell, N.J., is a subsidiary of Ricoh Company, Ltd., the 74-year-old leading provider of advanced office technology and innovative document imaging products, services and software, with fiscal year 2009 sales in excess of $21 billion.
Ricoh's fully integrated hardware and customizable services and software help businesses share information efficiently and effectively by enabling customers to control the input, management and output of documents.
Ricoh Americas Corporation, directly or through its network of authorized dealers, markets and distributes products in North, Central and South America.
Information about Ricoh's complete range of offerings can be found at www.ricoh-usa.com.
All referenced product names are the trademarks of their respective companies.
Ricoh Web Site: www.ricoh-usa.com
CONTACT: Linda Montefusco Rebecca Maas
Ricoh Americas Corporation Peppercom
(973) 882-2172 (212) 931-6126
Linda.Montefusco@ricoh-usa.com rmaas@peppercom.com
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."
About Ricoh Americas Corporation
Ricoh Americas Corporation, headquartered in West Caldwell, N.J., is a subsidiary of Ricoh Company, Ltd., the 74-year-old leading provider of advanced office technology and innovative document imaging products, services and software, with fiscal year 2009 sales in excess of $21 billion.
Ricoh's fully integrated hardware and customizable services and software help businesses share information efficiently and effectively by enabling customers to control the input, management and output of documents.
Ricoh Americas Corporation, directly or through its network of authorized dealers, markets and distributes products in North, Central and South America.
Information about Ricoh's complete range of offerings can be found at www.ricoh-usa.com.
All referenced product names are the trademarks of their respective companies.
Ricoh Web Site: www.ricoh-usa.com
CONTACT: Linda Montefusco Rebecca Maas
Ricoh Americas Corporation Peppercom
(973) 882-2172 (212) 931-6126
Linda.Montefusco@ricoh-usa.com rmaas@peppercom.com
As Bill W told me this AM, maybe the view from 30,000 feet was something Espe wasn't about to fall in love with.
I thought this was a dynamic move for Ricoh, they needed someone like Espe at the head of the wheel. Now, I'm thinking something is drastically wrong with either the current business model or the Ikon/Ricoh thingy.
Time will tell.
Would like to hear from others on this!
I thought this was a dynamic move for Ricoh, they needed someone like Espe at the head of the wheel. Now, I'm thinking something is drastically wrong with either the current business model or the Ikon/Ricoh thingy.
Time will tell.
Would like to hear from others on this!
While Espe's new gig rewards him handsomely, a review of Ricoh financials show why he jumped Ship so soon:
http://www.wikinvest.com/stock/Ricoh_%28RICOY%29/Data
He did not want to be at the Helm when Ricoh became the first MFP manufacturer to ask for a bailout.
Land Ho!
http://www.wikinvest.com/stock/Ricoh_%28RICOY%29/Data
He did not want to be at the Helm when Ricoh became the first MFP manufacturer to ask for a bailout.
Land Ho!