Mr. Kenichi Waki has been named President of TOKIMEC INC. at an extraordinary board meeting on March 17, 2008.
Mr. Waki will succeed President Hideaki Katsuki effective April 1, 2008 when Mr. Katsuki retires from his current term of office. Mr. Katsuki, who has been President since 2000, has been instrumental in steering the company through a difficult financial period, overseeing the restructuring of the organization and posturing the company on firm footing for future growth.
The company is expected to post two consecutive years of increased revenues and operating profits at the end of the fiscal year on March 31, 2008 which reflects the stability of the company's business base and sound financial standing that have been achieved as the result of these efforts.
"Mr. Waki's strong sense of purpose and ability to fulfill his responsibilities will serve him well as the company now focuses on establishing competitive leadership positions in each of our business segments which will further stimulate a 'cycle of growth' through the utilization of management resources newly acquired during this growth process," said Mr. Katsuki.
A new organizational structure is also being put into place next year to support a smooth transition with the planned change in corporate trade name to TOKYO KEIKI INC. on October 1, 2008.
During Mr. Waki's 37-year career in the company, he has served in a variety of capacities, including General Manager of the Marine Systems and Electronic Systems divisions and Corporate Director and Executive Officer.
"As we move from restructuring toward a growth orientation and with the momentum generated by the restoration of the former TOKYO KEIKI name - a name which is closely associated with the company's long history and high degree of trust and reliability - we will establish a 'cycle of growth' through continuous development of our competitive edge by utilizing the tangible and intangible management resources at our disposal and enhance corporate value as we respond swiftly to changes in the environment in meeting the expectations of our stakeholders," said Mr. Waki. "As set forth in our management philosophy, we are dedicated to contributing to society by developing and providing products which integrate human sensorial functions and aim to become a top-tier global manufacturer."