THE JAPAN NEWS


 

KYOTO (Jiji Press) — Nidec Corp. said Thursday that it will promote Executive Vice President Hiroyuki Yoshimoto, 50, to president to succeed Shigenobu Nagamori, in a bid to rejuvenate its management for further growth.

While stepping down as president, Nagamori, 73, will retain his concurrent posts of chairman and chief executive officer of the major precision equipment maker based in Kyoto.

This will mark the first change of president at the company since its establishment in 1973. Yoshimoto will assume the post of president on June 20 after a general meeting of the company’s shareholders.

Nagamori became president and CEO upon the establishment of the firm.
Under his leadership, the company started with production of small alternating-current precision motors and gradually expanded its operations through business acquisitions.

Nagamori, who also assumed the post of chairman in October 2014, has led Nidec to become one of the world’s biggest parts makers.

Yoshimoto entered Nidec as special adviser in 2015 after working for major trader Nissho Iwai Corp., now Sojitz Corp., auto parts maker Calsonic Kansei Corp. and Nissan Motor Co. He assumed his current position in June 2017.

“I’ve reached my physical limit, so I need to give the post of president to a younger person,” Nagamori told a press conference in Kyoto, while noting that Nidec now operates in more than 40 countries.

Nagamori said that Yoshimoto will initially take charge of overseas operations and then take over his duties in stages in several years.
Yoshimoto helped expand Nidec’s in-vehicle parts business, a pillar of its earnings.