Nidec Founder Resigns as Chairman amid Accounting Scandal

Tokyo, Dec. 20 (Jiji Press)–Japanese electronic device maker Nidec Corp. has announced the resignation of its founder, Shigenobu Nagamori, as chairman amid an accounting scandal. On Friday, Nagamori became honorary chairman without the right to represent the company. He voluntarily stepped aside to assume the part-time position, according to the announcement. Nidec President Mitsuya Kishida will succeed Nagamori as chairman of the company’s board. The change comes as a third-party committee is investigating suspected accounting irregularities at a Nidec subsidiary overseas. In October, the Tokyo Stock Exchange designated Nidec as a “security on special alert,” urging the company to improve its internal governance. In a statement released on Friday, Nagamori apologized for the accounting scandal, saying that it cast doubt on Nidec’s corporate culture. “I have decided to step down from management at a time when the revival of Nidec is the most important challenge,” Nagamori said in the statement. “I will leave everything to President Kishida.” Nagamori founded Nidec’s predecessor in the western Japan city of Kyoto in 1973. He expanded the company through aggressive mergers and acquisitions. Even after Kishida became Nidec president in 2024, the founder retained strong influence over management decisions. END [Copyright The Jiji Press, Ltd.]