Nidec announced that President Kishida (岸田) had resigned and indicated that it plans to select Executive Corporate Officer Michio Kaida (戒田 理夫) as successor. Suspicions of accounting fraud emerged in a third-party committee investigation, and losses are expected to exceed initial estimates.
Nidec announced that President Mitsuya Kishida (岸田 光哉), 66, resigned effective today. Losses related to accounting fraud are expected to far exceed initial estimates, intensifying calls for accountability, particularly among outside directors. It was also confirmed that there had been conduct related to past financial reporting that could not be deemed appropriate.
Executive Corporate Officer Michio Kaida (戒田 理夫), 70, was selected as successor, and Managing Executive Officer Masayuki Minai (南井 正之), 57, is scheduled to become a representative director. As Mr Kaida (戒田) is not a current director, the new management structure is expected to be formally launched after an extraordinary general meeting of shareholders.
The third-party committee investigation identified accounting fraud, including the overstatement of cumulative net income by ¥160.7 billion. It also became clear that there had been more than 800 cases of quality misconduct, including changes to parts and processes without customer approval.
Losses to be reflected in the securities report for the fiscal year ending March 2026 could swell to around ¥1 trillion, amid a detailed review of overseas subsidiaries and a reassessment of business profitability. There have also been allegations that Mr Kishida (岸田) engaged in conduct related to past financial reporting that could not be deemed appropriate.