Nidec Set to Release Delayed Results as CEO Resigns, CTO Steps In

By Fabiana Negrin Ochoa

Nidec Chief Executive Mitsuya Kishida has resigned, a move that was widely expected as the company wades through a series of accounting and product-quality issues.

The Japanese maker of electric motors and other equipment said Tuesday that Chief Technology Officer Michio Kaida will succeed Kishida at the helm of the company.

Kishida tendered his resignation after a review during the preparation of financial results found that Kishida had, on certain occasions, "made statements or engaged in conduct in relation to financial reporting that could not necessarily be regarded as appropriate."

Since the establishment of a third-party committee in 2025 to look into suspected irregularities, Nidec said Kishida had devoted himself sincerely to the company's efforts to restore its business.

"However, in light of the expectation that, under the company's new governance structure, its management should be held to a higher standard of ethical conduct than before, the board of directors comprehensively considered the current circumstances and discussed the company's future management structure," it said.

After the talks, Kishida expressed his intention to resign, and the board accepted. In naming Kaida as the new CEO, Nidec said his track record made him the most suitable person to lead the company's revitalization.

Earlier this week, Nidec had said it was considering executive changes and a big impairment.

At the start of the month, it disclosed an independent investigation report that identified a series of issues such as falsification and fabrication of testing and inspection results.

In March, Nidec flagged a nearly $890 million expected hit on net assets following a monthslong investigation into accounting irregularities over the years. Nidec has said it plans to correct its past financial reports and submit the report for the fiscal year ended March at the earliest possible date.

On Tuesday, it said it will release delayed results for the fiscal third quarter and the year ended March on Wednesday.

Nidec shares have whipsawed as the investigations have unfolded. The stock ended 3.85% lower, bringing its two-day decline to more than 20%.

Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com

(END) Dow Jones Newswires

September 29, 2026 07:26 ET (11:26 GMT)