News Release

Canon Inc. announces director changes
(Revised Announcement* with additional information)

* This announcement was released on February 5, 2024, to revise a previous press release titled "Canon Inc. announces director changes" announced on September 7, 2023, to include "Background and aims for the increase of candidates for directors" and "Reason for selection as candidate for director"

TOKYO, September 7, 2023—Canon Inc. (the company) announced today that the company’s Board of Directors approved the following appointment and retirement of directors at the Board Meeting held today. This change is to be formally approved at the Ordinary General Meeting of Shareholders in March, 2024.

The purpose of this change is to further strengthen the management structure of the company.

Newly appointed directors¹

Name	Current title/former position
Kazuto Ogawa	Senior Managing Executive Officer, Canon Inc., President & CEO, Canon U.S.A., Inc. (current Group Executive of Global Marketing Strategy Headquarters2)
Hiroaki Takeishi	Senior Managing Executive Officer, Head of Industrial Group, Canon Inc.
Minoru Asada	Senior Managing Executive Officer, Group Executive, Finance & Accounting Headquarters, Canon Inc.
Masayuki Ikegami	Former Justice of the Supreme Court of Japan
Masaki Suzuki	Former Vice-Minister of the Environment, Ministry of the Environment, Japan
Akiko Ito	Former Commissioner of the Consumer Affairs Agency, Japan

• 1

  Masayuki Ikegami, Masaki Suzuki, and Akiko Ito to be appointed outside directors

• 2

  Information updated to reflect changes as of January 1, 2024

Retiring director

Name	Current title
Kunitaro Saida	Director (Outside)

Background and aims for the increase of candidates for directors

Fifteen years have passed since the company introduced the executive officer system in 2008. The number of directors, which was twenty-five at the time of the introduction, has been gradually reduced since then with the aim of achieving prompt and flexible management. The number of directors currently stands at five, consisting of three directors from within the company and two outside directors.

During this period, the company has gradually increased the number of executive officers that are in charge of business execution. Now, it has decided to strengthen the functions of the Board of Directors that oversees business execution by increasing the number of directors, with the aim of strengthening the ability of the board to respond to issues such as the changing business portfolio of the company, expansion of business scope, and diversification of growth areas, in addition to enhancing the skills and development of the next generation of management.

For this purpose, the company intends to promote new personnel who have made significant achievements in overseas business, advanced technology, and finance from within the company to directors and strengthen the execution supervision function of the Board of Directors, with the most important criterion being that they have the ability and experience that match the required capabilities of the Board of Directors.

The company’s business spans a wide range from B2B to B2C. In addition, the scope of management issues for the Board of Directors to consider is expanding to include issues such as SDGs, geopolitical risks, economic security, and cyber terrorism. The growing issues for the Board of Directors thus encompasses areas that cannot be examined adequately by personnel selected from within the company alone, and there is an increasing need to utilize the expertise of outside experts. To address this situation, the company also plans to increase the number of outside directors who provide advice and supervision from an independent standpoint based on a medium- to long-term perspective. As a result, the number of directors will be ten, of which the four outside directors will account for more than one third.

Managing in a volatile business environment, the company intends to continue to review the appropriate structure and function of the Board of Directors, including its effectiveness, and adequately implement measures that meet the business environment and requirements for the board.

Appendix: Biographies of candidates for directors

Kazuto Ogawa

Senior Managing Executive Officer
Canon Inc.

Education

1981, Graduate Faculty of Letters, Waseda University

Business Career

Apr. 1981	Joined Canon Inc.
Jul. 1995	Manager of BJ Printer Marketing Dept.1, BJ Printer Marketing Div., BJ Printer Products Business Group
Sep. 1995	Transferred to Canon Singapore Pte. Ltd.
Jan. 2000	Transferred to Canon Hongkong Co., Ltd.
Aug. 2003	Transferred to Canon (China) Co., Ltd.
Apr. 2005	President and CEO of Canon Singapore Pte. Ltd.
Mar. 2008	President and CEO of Canon Canada Inc.
Apr. 2011	Executive Officer of Canon Inc.
Feb. 2014	Executive Vice President of Canon (China) Co., Ltd.
Apr. 2016	Managing Executive Officer of Canon Inc.
Apr. 2018	President and COO of Canon U.S.A., Inc.
Apr. 2020	President and CEO of Canon U.S.A., Inc.
Apr. 2021	Senior Managing Executive Officer of Canon Inc. (current)
Jan. 2024	Group Executive, Global Marketing Strategy Headquarters (current)

Reason for selection as candidate for Director

Mr. Ogawa had been assigned to overseas group companies for about 10 years before he served as president of a sales subsidiary in Singapore, president of a sales subsidiary in Canada, vice president of regional sales headquarters in Asia, and president of regional sales headquarters in the United States. He demonstrated outstanding leadership at these respective positions, as he steadily improved performance of the sales company in the U.S. through structural reforms and new business development in the midst of the COVID-19 pandemic. The company selected him as a candidate for Director because his extensive global experience and business management skills were deemed indispensable for Canon's management.

As of February 2024

Hiroaki Takeishi

Senior Managing Executive Officer
Canon Inc.

Education

1988, Graduate School of Control engineering, Tokyo Institute of Technology

Business Career

Jul. 1990	Joined Canon Inc.
Apr. 2003	Manager of Semiconductor Production Equipment Design Dept. 24
Jan. 2006	General Manager of Semiconductor Production Equipment Development Div. 21
Jul. 2008	Senior General Manager of Semiconductor Production Equipment Design Center 2
Jul. 2009	Senior General Manager of Semiconductor Production Equipment PLM Center 1
Jan. 2012	Group Executive of Semiconductor Production Equipment Group Optical Products Operations
Apr. 2012	Executive Officer
Jul. 2016	Deputy Chief Executive of Optical Products Operations
Jan. 2017	Chief Executive of Optical Products Operations (current)
Apr. 2017	Managing Executive Officer
Apr. 2021	Senior Managing Executive Officer (current) Head of Industrial Group (current) Chairman & CEO, Canon Tokki Corporation (current)

Reason for selection as candidate for Director

Mr. Takeishi had long been engaged in the development of semiconductor manufacturing equipment, playing a central role. Since 2012, he has been responsible for the semiconductor manufacturing equipment business and has made great contribution in strengthening and nurturing the business. Currently, he oversees the entire business of Canon's Industrial Group, including organic LED deposition systems. His experience and knowledge in the industrial business field, which is one of the pillars of Canon's businesses going forward, are indispensable for the management of the Company, and the company thus nominates him as a candidate for director.

As of February 2024

Minoru Asada

Senior Managing Executive Officer
Canon Inc.

Education

1985, Graduate Faculty of Economics, Sophia University, Tokyo

Business Career

Apr. 1985	Joined Canon Inc.
Jul. 1991	Transferred to Canon U.S.A., Inc.
Jul. 1996	Budget Dept., Finance & Accounting Headquarters
Jan. 2004	Manager, LBP Accounting Dept., LBP Production Planning &Promotion Div., Peripheral Products Global Manufacturing Management Center, Peripheral Products Operations
Apr. 2004	Transferred to Canon U.S.A., Inc.
Dec. 2010	General Manager, Accounting Planning Administration Div., Global Accounting Planning Administration Center, Finance & Accounting Headquarters
Jan. 2013	General Manager, Group Executive Office, Finance & Accounting Headquarters
Jan. 2014	General Manager, Budget & Management Administration Div., Group Management Center, Finance & Accounting Headquarters
Apr. 2016	Senior General Manager, Group Management Center, Finance & Accounting Headquarters
Apr. 2017	Executive Officer
Apr. 2018	Deputy Group Executive, Finance & Accounting Headquarters
Sep. 2018	Executive Vice President & COO, Océ Technologies B.V.
Dec. 2018	President & CEO, Océ Holding B.V.* * The company name changed to Canon Production Printing Holdings B.V. as of January 2020.
Apr. 2020	Managing Executive Officer
Jan. 2023	Group Executive, Finance & Accounting Headquarters (current)
Apr. 2023	Senior Managing Executive Officer (current)

Reason for selection as candidate for Director

Mr. Asada had been engaged in accounting in Japan and overseas for many years and has made substantial contribution to strengthening our group's financial structure. In 2018, he assumed the position of president of the Dutch subsidiary for the manufacture and sales of commercial printing systems. He is currently the Group Executive of the Finance & Accounting Headquarters at Canon Inc., which oversees the Group's accounting operations. The company selected him as a candidate for director, judging that his advanced accounting and financial expertise and experience in operating subsidiaries were indispensable to the company's management.

As of February 2024

Masayuki Ikegami

Education

1975, Graduate Faculty of Law, Tohoku University

Business Career

Apr. 1977	Appointed as Public Prosecutor
Jun. 2006	Deputy Vice-Minister of Justice of Ministry of Justice
Oct. 2008	Public Prosecutor of Supreme Public Prosecutors Office
Aug. 2011	Deputy Prosecutor-General of Supreme Public Prosecutors Office
Jul. 2012	Superintending Prosecutor of Nagoya High Public Prosecutors Office
Jan. 2014	Superintending Prosecutor of Osaka High Public Prosecutors Office
Oct. 2014	Justice of the Supreme Court
Aug. 2021	Retired from Justice of the Supreme Court
Mar. 2023	Registered as an attorney (current)

Reasons for selection as a candidate for director and expected roles

Mr. Ikegami has been involved in various matters, including corporate cases, in legal professions over many years, having served in important roles at the High Public Prosecutors Office in both Nagoya and Osaka and as a Justice of the Supreme Court for seven years. The company selected him as a candidate for director because it expects that he can provide insightful opinions and supervision, particularly regarding internal control systems and corporate governance, including from the perspective of ensuring corporate compliance, based on his abundant experience and advanced knowledge.

As of February 2024

Masaki Suzuki

Education

1978, Graduate Faculty of Law, Tokyo University

Business Career

Apr. 1978	Joined Ministry of Finance
Jul. 2007	Deputy Vice Minister for Policy Planning and Co-ordination of Minister’s Secretariat of Ministry of Finance
Jul. 2008	Councilor of Minister’s Secretariat of Ministry of the Environment
Sep. 2012	Deputy Vice Minister of Minister’s Secretariat of Ministry of the Environment
Jul. 2014	Vice-Minister of the Environment of Ministry of the Environment
Jul. 2015	Retired from Ministry of the Environment
Oct. 2015	Chairman and Representative Director of AEON Bank, Ltd.
Jun. 2016	Chairman of AEON Financial Service Co., Ltd.
Mar. 2017	Executive Officer in charge of Comprehensive Financial Business of AEON Co., Ltd.
Jun. 2023	Outside Director of FP Partner Inc. (current)

Reasons for selection as a candidate for director and expected roles

Mr. Suzuki worked for many years at the Ministry of Finance, before transferring to the Ministry of the Environment, where he held important positions such as Vice-Minister. After retiring from the ministry, he also served as the representative director of a private financial institution. Based on that experience, the company believes that he can provide insightful opinions particularly concerning the areas of corporate governance and environment, in addition to opinions and supervision based on his managerial experience at financial institutions which require a high degree of appropriateness and compliance.

As of February 2024

Akiko Ito

Education

1984, Graduate Faculty of Engineering, Kyoto University

Business Career

Apr. 1984	Joined Ministry of Construction
Sep. 2014	Councillor, Cabinet Secretariat Deputy Director General, Secretariat of the Headquarters for Overcoming Population Decline and Vitalizing Local Economy in Japan
Jun. 2016	Deputy Director-General, Ministry of Land, Infrastructure, Transport and Tourism
Jul. 2017	Director-General, Housing Bureau, Ministry of Land, Infrastructure, Transport and Tourism
Jul. 2018	Councillor, Cabinet Secretariat Director General, Secretariat of the Headquarters for Overcoming Population Decline and Vitalizing Local Economy in Japan
Jul. 2019	Commissioner, Consumer Affairs Agency
Jul. 2022	Retired from Consumer Affairs Agency
Jun. 2023	Outside Director, ITOCHU Corporation (current)

Reasons for selection as a candidate for director and expected roles

Ms. Ito joined the Ministry of Construction (currently the Ministry of Land, Infrastructure, Transport and Tourism) as a technical official, served as its first female director (Director of Housing Bureau), and was responsible for policies for regional revitalization, including human resource development and job and town development, before becoming Commissioner of the Consumer Affairs Agency. Since retiring from the Consumer Affairs Agency, she has continued to participate in research in related fields, while serving as the outside director of a corporation. Based on these experiences, the company selected her as a candidate for director with the expectation that she can provide insightful advice and supervision particularly from the perspective of clients and consumers, as well as advice related to the active promotion of diverse human resources.

As of February 2024