Nidec Founder Nagamori Steps Down as Chairman Emeritus

Nidec Corp. founder Shigenobu Nagamori is relinquishing his post as chairman emeritus, having already resigned from the board after an accounting scandal triggered credit downgrades, delayed financial results and put the company at risk of becoming delisted.

The 81-year-old stepped down as of Thursday, the world’s largest maker of mini-motors said in a statement. When Nagamori left the board in December, the company had said he would “remain committed to the further improvement of the Nidec group.”