Akio Naito will take charge of leading the company to a “new era,” effective immediately. Naito has worked for the Japanese watchmaker for more than 30 years in various worldwide leadership positions. Currently, he serves as deputy chief operating officer, where he leads the business in international markets. He succeeds current president Shuji Takahashi, who will transition to a president and director role at Seiko Holdings Corp., the entity that owns Seiko Watch Corp.

Additionally, Seiko Watch Corp.’s longtime chairman and chief executive Shinji Hattori, who has held the top job since 2003, will step down from the CEO role. He will remain chairman and group chief executive, chief commercial officer of Seiko Holdings Corp.