Nidec aims for October audit sign-off as new CEO vows to restore trust
FILE PHOTO: NIDEC CORPORATION’s logo at its office in Tokyo, Japan, September 9, 2026. REUTERS/Manami Yamada/File Photo
TOKYO, Oct 1 : Nidec's new CEO Michio Kaida apologised on Thursday for another change in leadership at the Japanese electric motor maker, which has been rocked by an accounting scandal, saying his mission was to rebuild the company and restore trust.
• Kaida said Nidec was working with PwC Japan and aimed to obtain an audit opinion in October after the auditor issued a disclaimer of opinion on the company's delayed financial statements
• He told a press conference the company's priority was to ensure it could produce proper financial statements again and return to its roots as a company focused on manufacturing excellence, people development and quality
• PwC Japan said on Thursday it remained in discussions with Nidec and was working towards issuing an audit opinion by the end of October
• Representatives for the auditor said its disclaimer of opinion reflected the lack of sufficient information during a complicated financial investigation
• The Tokyo Stock Exchange put Nidec on "special alert" over its governance in October 2025 and gave it one year to improve internal controls or risk delisting
• On Wednesday, Nidec reported impairment losses exceeding 630 billion yen ($4 billion) for the financial year ended March 2026
• On the same day, PwC Japan said it could not obtain sufficient evidence to provide an opinion on the delayed accounts for that financial year
• Kaida said Nidec would shift resources from home appliance and automotive businesses towards growth areas including energy infrastructure, AI-related products, semiconductors and machine tools
• He took over on Tuesday after previous CEO Mitsuya Kishida resigned
($1 = 158.3500 yen)
