Nidec Chairman Nagamori to Become Board Representative

Kyoto, March 13 (Jiji Press)--Shigenobu Nagamori, chairman and CEO of Nidec Corp. <6594>, will become representative of its board of directors without the right to represent the company in April next year, the Japanese motor maker said Monday.

Nidec also announced the names of five officials who will become executive vice presidents on April 1 this year, with one of them set to be chosen as president April next year.

“I will pass the baton to my successor like a receding wave,” Nagamori told an online press conference.

Nidec has been struggling to pick a successor to Nagamori, its founder, with former President Jun Seki and other strong successor candidates having left the company.

The five officials tapped to become executive vice presidents next month are Nidec Sankyo Corp. President Toshiyuki Otsuka, Nidec-Shimpo Corp. President Tatsuya Nishimoto, and Nidec first senior vice presidents Yoshihisa Kitao, Toshihiko Koseki and Mitsuya Kishida.

[Copyright The Jiji Press, Ltd.]