Kyoto, Sept. 29 (Jiji Press)–Nidec Corp. President and CEO Mitsuya Kishida, 66, resigned Tuesday, the major Japanese motor manufacturer said. In a press release, the company said that Kishida had “made statements or engaged in conduct…that could not necessarily be regarded as appropriate” during the process of the company revising its financial results for the years up until fiscal 2025, which ended this March. Nidec is currently embroiled in accounting and quality irregularities. At an extraordinary board meeting Tuesday, the company appointed First Senior Vice President Michio Kaida, 70, who serves as vice chair of a committee working on Nidec’s revitalization, to succeed Kishida as president and CEO. After graduating from Kansai University, Kaida joined Lead Electronics Co., currently Nidec Advance Technology Corp., in 1979. He became Nidec’s first senior vice president in April 2024. He is expected to become the company’s representative director, president and CEO after an extraordinary meeting of shareholders to be held later this year. At Tuesday’s board meeting, the company also decided to appoint Masayuki Minai, 57, as representative director. On Wednesday, Nidec will release its earnings reports for the October-December 2025 period and for the full fiscal year that ended in March 2026, which had been postponed due to the scandals. The company expects to book a massive impairment loss. The accounting scandal came to light in September last year. In May this year, the company was hit by a quality scandal involving changing materials, manufacturing processes and designs without consent from customers. In October 2025, the Tokyo Stock Exchange designated Nidec as an issue on “special alert.” END [Copyright The Jiji Press, Ltd.]
