Japan's Nidec reappoints chairman Nagamori as CEO, posts 17% fall in profit (updated)
21/04/2022 08:29
(Recasts, adds details)
TOKYO, April 21 (Reuters) - Japanese electric motor maker
Nidec Corp 6594.T said on Thursday chairman and founder
Shigenobu Nagamori would be reappointed as chief executive
officer to replace Jun Seki, who has spent less than a year at
the helm.
Seki, a former executive at Nissan Motor Co 7201.T , had
been brought in to help Nidec in its drive to become a major
player in components for next-generation automobiles.
Seki will be returning to his previous position of chief
operating officer, the company said.
Nidec said fourth-quarter operating profit fell to 36.9
billion yen ($287.85 million) compared with a profit of 44.5
billion yen a year earlier.
That was below an average 48.5 billion yen profit estimated
by five analysts surveyed by Refinitiv.
($1 = 128.1900 yen)
(Reporting by Tim Kelly and Satoshi Sugiyama; Editing by Tom
Hogue; Editing by Amy Caren Daniel)
((tim.kelly@thomsonreuters.com; +813-6441-1311;))