New President Vows to Maintain Listing of Embattled Nidec

Kyoto, Oct. 1 (Jiji Press)--Michio Kaida, new president of scandal-hit major Japanese motor manufacturer Nidec Corp., pledged Thursday to maintain the company's listing on the Tokyo Stock Exchange.

At a press conference held at the company's headquarters in the western city of Kyoto, Kaida said maintaining the listing is his "mission."

Audit company PwC Japan Group has withheld an opinion on Nidec's securities and internal control reports for fiscal 2025, which ended in March this year. Kaida said his company aims to "resolve remaining issues by the end of October in an effort to obtain the audit firm's opinion."

"We deeply apologize for another top management change, which came at a time when we are dealing with a series of irregularities" at the company, said Kaida, who took office after his predecessor, Mitsuya Kishida, resigned Tuesday. Kishida became Nidec president in 2024.

The stock of Nidec has been designated as an issue on special alert by the TSE since October 2025. For the lifting of the designation, the company needs to submit an internal control-related report by the end of this month.

[Copyright The Jiji Press, Ltd.]