Nidec aims for October audit sign-off as new CEO vows to restore trust

TOKYO, Oct 1 : Nidec's new CEO Michio Kaida apologised on Thursday for another change in leadership at the Japanese electric motor maker, which has been rocked by an accounting scandal, saying his mission was to rebuild the company and restore trust.

• Kaida said Nidec was working with PwC Japan Japan and aimed to obtain an audit opinion in October after the auditor issued a disclaimer of opinion on the company's delayed financial statements

• He said the company's immediate priority was to ensure it could produce proper financial statements again and return to its roots as a company focused on manufacturing excellence, people development and quality

• PwC Japan said on Thursday it remained in discussions with Nidec and wanted to fulfil its responsibility to eventually issue an audit opinion, but did not specify a timeline

• On Wednesday, Nidec reported impairment losses exceeding 630 billion yen ($4 billion) for the financial year ended March 2026

• On the same day, PwC Japan said it could not obtain sufficient evidence to provide an opinion on the delayed accounts for that financial year

• Kaida said Nidec would shift resources from home appliance and automotive businesses towards growth areas including energy infrastructure, AI-related products, semiconductors and machine tools

• He took over on Tuesday after previous CEO Mitsuya Kishida resigned($1 = 158.3500 yen)