The Pentax board overturned Fumio Urano as president and appointed Senior Executive Officer Takashi Watanuki as his successor.
The new Pentax management canceled the merger with the optical equipment maker Hoya Corp.,.
Hoya is still considering a merger and wants to continue to talk.Pentax cut its full-year profit forecast because of price declines of parts used in digital cameras. The company projects 31 billion yen ($260 million) net income for the year ended March, less than 34 billion yen earlier forecast.
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