Nidec founder Shigenobu Nagamori is stepping down from his position as chairman of the board following the discovery of accounting issues that damaged the reputation of the Japanese maker of electric motors.
The 81-year-old voluntarily resigned his post, the world¡¯s largest maker of mini-motors said in a statement Friday. Chief Executive Officer Mitsuya Kishida will take his place, while Nagamori will remain involved as chairman emeritus and ¡°remain committed to the further improvement of the Nidec group,¡± the company said.
Born in 1944, Nagamori¡¯s aggressive tactics helped transform Nidec into a $15 billion company with a wide lineup of components used in consumer electronics, cars and data centers. But his growth-at-all-costs approach is under scrutiny following a growing number of suspected cases of improper accounting, which have triggered filing delays, credit downgrades and the risk of delisting in Tokyo.
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