Nidec, a major motor manufacturer headquartered in Kyoto, announced that President Kishida Mitsuya resigned against the backdrop of accounting and quality misconduct issues. Kaida Michio will become the new president.
Nidec announced that President Kishida Mitsuya (66) resigned effective 29 September, as accounting and quality misconduct issues came to light. An extraordinary meeting of the board of directors was held, at which his resignation was decided. The stated background to the resignation was that inappropriate conduct under the former executive management structure had been identified during the reassessment of the appropriateness of the company's financial reporting.
Executive Vice President Kaida Michio (70) will become the new president. The management structure is expected to be reviewed accordingly.
While acknowledging that strong performance pressure originating with founder Nagamori Shigenobu (永守重信) had contributed to the problems, President Kishida said that he was considering continuing in order to overcome the challenges facing the company, in terms of his own management responsibility. Nidec also announced that it would extend the filing deadline for its fiscal 2025 financial results by 3 months.
Against this backdrop, attention is focused on resolving Nidec's financial and quality issues and its future earnings outlook. Readers are likely to be interested in further updates and the disclosure of the financial results.