Japan’s Nidec traces up 5 execs as chairman contenders

TOKYO (Reuters) – Japanese electrical motor firm Nidec Corp on Monday lined up 5 contenders to finally take the reins as chairman from the agency’s no-nonsense 78-year-old founder, Shigenobu Nagamori.

The transfer marked the most recent chapter in a long-running succession battle on the agency, wherein Nagamori final 12 months made a shock comeback as chief government officer (CEO) after initially appointing one other government to the position in 2021.

Nidec stated its board of administrators had on Friday determined to call 5 folks Govt Vice Presidents (EVP) from April 1. One of many 5 will probably be chosen to function President from April 2024.

After serving 4 years as President, this individual will probably be appointed as Chairman, Nidec stated, because it seeks to deliver an finish to the saga.

Nagamori himself will change into consultant of the board in April 2024, when he’ll surrender his present roles of Chairman and CEO to incumbent President Hiroshi Kobe, the Kyoto-based agency stated in a press release.

“I’ll step by step transfer away from work after that,” Nagamori instructed reporters throughout a web based information convention on Monday.

Toshiyuki Otsuka, Tatsuya Nishimoto, Yoshihisa Kita, Toshihiko Koseki and Mitsuya Kishida had been the 5 named as EVPs.

(Reporting by Daniel Leussink, enhancing by Ed Osmond)