Founder of scandal-hit Nidec resigns as chairman emeritus
Nidec Corp' s CEO Shigenobu Nagamori speaks at an earnings results news conference in Tokyo, Japan, July 25, 2018. REUTERS/Kim Kyung-Hoon
TOKYO, Feb 26 : Japanese electric motor maker Nidec on Thursday said its founder, Shigenobu Nagamori, has resigned as chairman emeritus, amid an investigation into accounting improprieties involving a Chinese subsidiary.
Nidec's announcement comes less than three months since Nagamori resigned as chairman and from the board, after the Tokyo Stock Exchange placed the manufacturer on "special alert" in October due to governance concerns.
"At present, Nidec is making headlines over its suspected inappropriate accounting practices, for which I once again deeply apologize to everyone," Nagamori, 81, said in a written statement.
"I deeply regret that these suspicions have occurred, feeling that now is the time for me to step down gracefully."
Nidec submitted a plan to the Tokyo bourse to address its concerns last month. Companies placed on alert have one year to strengthen internal controls or face possible delisting.
The manufacturer has yet to release financial results for October–December while a third-party committee and external experts investigate its accounting practices.
