Ricoh has responded to proxy advisor Institutional Shareholder Services’ (ISS) recommendation to vote against the reappointment of Yoshinori Yamashita and Akira Oyama as directors, ahead of its 125th Annual General Meeting on June 24, 2025. The ISS cited Ricoh’s five-year average return on equity (ROE) falling below its 5% benchmark, triggering a negative recommendation under its policy criteria. In response, Ricoh emphasized its recent strategic progress, including a transformative shift toward digital services, cost structure reform, and a focus on long-term corporate value growth.

Yamashita, former CEO and current Chairperson, has played an oversight role since 2023, guiding Ricoh’s Corporate Value Improvement Project and strategic initiatives to reskill employees and elevate Office Services. CEO Oyama, appointed in April 2023, has led aggressive efforts to enhance capital efficiency and profitability, including a restructuring of Ricoh’s Office Printing division and expansion into high-growth digital services. Ricoh notes that under Oyama’s leadership, the company saved approximately ¥20 billion in fiscal 2024 and projects an ROE of 5.4% for fiscal 2025.

Ricoh maintains that both Yamashita and Oyama are vital to its transformation into a digital services company capable of delivering consistent, long-term returns. Management has reinforced its capital allocation, shareholder engagement, and profit improvement strategies as key pillars of its 21st Mid-Term Management Strategy. The company urges shareholders to consider the progress and direction before casting their votes.