Mitome Heads New Seiko Watch Corp.

Tsutomu Mitome, president and chief executive officer of Seiko Corp. of America (SCA), will head the new Seiko Watch Corp., which Seiko Corp. will spin off as a wholly owned subsidiary at a June 28 shareholders meeting. At that same meeting, Seiko Corp. will formally become a holding company, involved only in the financial and real estate concerns of its six independent companies. Reijiro Hattori, who has been chairman of Seiko Corp., will become honorary chairman. Current vice president Koichi Morano will replace Chushichi Inoue as president, and Inuoe will become an advisor to Seiko Corp. Spinning off Seiko Watch Corp., which is the largest business of Seiko Corp., as an independent company is "a logical progression," a top Seiko Watch Corp. official told JCK. The corporation in previous years has set up its various businesses—such as information technology, watches, and spor

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