New Nidec head vows reform at scandal-hit company
The new president of electric parts maker Nidec has vowed to rebuild the company after a series of accounting and product quality scandals. The pledge came as the firm’s auditor declined to give an opinion on Nidec’s latest financial report.
Kaida Michio took the post this week after his predecessor resigned. In a news conference on Thursday, he apologized for the company’s failures and promised reform.
“It is my mission to rebuild the company and restore trust,” Kaida said. “I will ensure we can return to our roots as a company focused on manufacturing, people development and quality.”
Nidec posted a massive net loss of more than 564 billion yen, or 3.6 billion dollars, for fiscal 2025.
Kaida said he hopes to obtain the auditor’s approval of the delayed financial report by the end of this month.
The auditor PwC Japan said it withheld its opinion because some Nidec officials involved in accounting irregularities were still involved in the financial reporting process.
