Nidec Announces Founder Shigenobu Nagamori's Resignation Amidst Accounting Probe, Appointed Non-Executive Honorary Chairman
Nidec (formerly Nihon Dempa) announced on the 19th that its founder, Shigenobu Nagamori (81), resigned from his positions as Representative Director, Global Group Representative, and Director, effective the same day, and has been appointed Non-Executive Honorary Chairman. This resignation comes amidst an ongoing investigation by a third-party committee into alleged improper accounting practices within the company. Nagamori founded Nihon Dempa (now Nidec) in 1973 and was instrumental in growing it into a global enterprise primarily focused on small motors. His powerful leadership was sometimes described as "autocratic," and there were views that even at over 80 years old, he continued to hold practical authority. The company states that Nagamori's resignation was at his own volition and that Nidec will now focus on improving its internal control system. Mitsuya Kishida, Representative Director and President and COO, will assume the duties of Chairman of the Board. However,...