Jake Hagiwara

Jake Hagiwara serves as President and CEO of Ricoh, one of Japan's most iconic technology companies undergoing a critical business transformation. Ricoh built its reputation as one of the world's largest manufacturers of multifunction printers (MFPs), copiers, and digital duplicators — but the structural decline of office printing (accelerated by remote work and digitization) has forced a fundamental strategic pivot. Under Hagiwara, Ricoh is transitioning toward digital services, IT infrastructure management, and workplace solutions. The company's vision is to become an essential partner for enterprise digital transformation — helping companies manage their hybrid work environments, cloud migrations, and document workflow automation. Ricoh's existing customer relationships with hundreds of thousands of offices worldwide provide a natural distribution channel for these higher-value services. The transformation faces significant challenges: the legacy printing business still generates the majority of revenue and profits (through the razor-and-blade model of equipment and supplies), margins in the IT services business are lower than in premium printing, and competition in managed IT services is intense (against Kyndryl, DXC, and local providers). Key stock drivers include office printing volume trends, digital services revenue growth, managed IT services contract wins, profitability improvement, structural cost reduction, and the pace of business mix shift from hardware to services.