From Nikkei Asia · · 50s
Nidec's new CEO blamed for write-downs
Nidec's new CEO blames expansion and profit chase for billions in write-downs.
In brief
Nidec's new CEO blames expansion and profit chase for billions in write-downs. Nidec's new CEO Michio Kaida says rapid growth and profit focus caused billions in accounting losses. Originally reported by Nikkei Asia.
Nidec's new CEO
Nidec's new president and CEO Michio Kaida rose from a group company to join the Japanese motor maker's top ranks.
Accounting scandal
Nidec disclosed billions of dollars in impairment losses from an accounting scandal.
Write-downs blamed on expansion
Nidec's new CEO blames rapid expansion and profit chasing for billions in write-downs.
Founder praised Kaida
Nidec's founder Nagamori long praised Michio Kaida for his determination.
Nidec's financial state
Nidec sank to a $3.6bn loss on electronic motor write-downs.
The short version
Nidec's new CEO Michio Kaida says rapid growth and profit focus caused billions in accounting losses.
