Nidec Corp, a major manufacturer of electric motors, has replaced its second-in-command. Nidec will choose the next president from within the company in the spring of 2024.
Jun Seki will resign, taking responsibility for the company’s earnings deterioration.
Nidec Corp., a Japanese electric motor maker, has removed its second-in-command and will appoint its next president in spring 2024.
Nidec’s president and COO, Jun Seki, will quit accepting responsibility for declining earnings.
Hiroshi Kobe will take over as new COO.
The statement follows repeated attempts to replace founder and Chairman Shigenobu Nagamori.
Nagamori, 78, hired Seki, a former Nissan executive, in 2020 to assist Nidec in becoming a leader in next-generation auto parts.
Seki became CEO in June 2021, but Nagamori fired him less than a year later because the company wasn’t doing well and the stock price was going down.
Nidec’s automotive products unit, led by Seki, reported a first-quarter operational loss due to COVID-19 lockdowns. Nidec’s quarterly operating income was unchanged.
Nagamori claimed he was “shocked” by the unit’s lousy performance and said that the company wouldn’t bring in outsiders to take over the top post.
Kobe, 73, joined Nidec in 1973.
Nagamori has known Kobe for 55 years; they will work together to improve the company’s performance.
Nidec’s stock is down 33% this year....