Nidec apologised for the change in top management at a press conference marking the appointment of Kaida Michio (戒田 理夫) as its new president. Amid the accounting fraud issue and losses exceeding ¥500 billion, the focus will be on measures to restore confidence.
On the afternoon of 1 October, Nidec's new president, Kaida Michio (戒田 理夫), took office and apologised at a press conference for the change in top management. Citing the accounting fraud issue, which was attributed to excessive performance pressure from the founder as identified by a third-party committee, he said the company would pursue fundamental improvements to its internal systems and corporate culture.
Kishida Mitsuya (岸田 光哉) had served as president since 2024 but announced his resignation on 29 September over inappropriate conduct relating to financial reporting. Kaida (戒田) took over as the symbol of the new management structure.
The company reported a net loss of ¥564.6 billion in its results for the previous fiscal year, while the audit firm issued a “disclaimer of opinion” on the published annual securities report, saying it had been unable to obtain sufficient evidence to express an opinion.
President Kaida (戒田) said he would pursue the turnaround while keeping the deadlines in mind and work to obtain an audit opinion. Resolving the accounting fraud issue and restoring confidence are expected to be the focus going forward.