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.

[Copyright The Jiji Press, Ltd.]