Nidec Chairman Quits Board After Spate of Accounting Issues

Nidec Corp. founder Shigenobu Nagamori is stepping down from his position as chairman of the board following the discovery of accounting issues that damaged the reputation of the Japanese maker of electric motors.

The 81-year-old voluntarily resigned his post, the world’s largest maker of mini-motors said in a statement on Friday. Chief Executive Officer Mitsuya Kishida will take his place, while Nagamori will remain involved as chairman emeritus and “remain committed to the further improvement of the Nidec group,” the company said.