Nidec Aims for October Audit Sign-Off as New CEO Vows to Restore Trust
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12 Articles
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PressNewsAgencyNidec aims for October audit sign-off as new CEO vows to restore trust
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
Nidec Corporation (formerly Nidec), a major motor manufacturer, announced on the 29th that its president, Mitsuya Kishida (66), had resigned effective that day. The resignation came after losses related to accounting irregularities were projected to be significantly larger than initially expected, leading to increased calls for accountability, particularly from outside directors.
Nidec, which is embroiled in an accounting scandal, is struggling to obtain an unqualified opinion from its auditing firm, which is key to maintaining its listing on the stock exchange.
How Accounting Restatements Will Impact Nidec Stock Investors
Nidec disclosed past accounting irregularities, restated earlier financials, recorded extraordinary items and announced the delayed release of its March 2026 results, alongside CEO and president resignations on 29 September 2026. The board elevated long-serving executive Michio Kaida and expanded compliance leadership, while also reorganizing supply chain and software functions to tighten controls and refocus operations. This article examines ho…
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