Nidec Announces New President, Changes in Representative Directors and Others

Reasons for the changes

Via a stable succession of business operations and a smooth transfer to a new management for the Nidec Group’s aim to achieve its FY2030 sales target of 10 trillion yen and for its sustainable growth, the Company will further strengthen and improve the group’s business management and governance functions.

Founder, Chairman and CEO

Chairman

President and COO

President and CEO

Executive Vice President and Executive General Director of the Automotive Motor & Electronic Control Business Unit

Transfer of a Representative Director

The change, to take effect on June 18, 2024, is planned to be resolved at an ordinary General Meeting of Shareholders and a subsequent meeting of the Board of Directors, both to be held on the above date, where Mr. Kishida, President and CEO is expected to assume the office of a Representative Director. Messrs. Nagamori and Kishida will be the Company’s Representative Directors as of June 18, 2024.

Changes in Executive Vice Presidents

In accordance with the succession plan made by the Company’s Nomination Committee, the term of the offices of Executive Vice Presidents is one year, and they will be elected annually. As the executive directors of their respective organizations, the Executive Vice Presidents will support the President based on the viewpoint of optimizing the entire Nidec Group. The following people will assume the role of Executive Vice Presidents on April 01, 2024:

Executive appointments

In the meeting of the Board of Directors held on November 05, 2022, the Company established the Nomination Committee as an advisory organ of its Board of Directors. Our purpose of establishing the Nomination Committee is to have a proper involvement of the independent outside members of the Board of Directors in determining the selection policy and criteria, and candidates to the offices of Members of the Board of Directors, Vice Presidents, etc., which contributes to securing fairness, transparency, objectivity, and improvement of the Company’s corporate governance system. The aforementioned appointments too were deliberated in the Committee for resolution at a meeting of the Company’s Board of Directors.

The members of the Company’s Nomination Committee

The members of the Company’s Nomination Committee are:

Chair: Takako Sakai (Outside Member of the Board of Directors)

Member: Shigenobu Nagamori (Representative Director)

Member: Hiroshi Kobe (Representative Director)

Member: Yayoi Komatsu (Outside Member of the Board of Directors)

Member: Aya Yamada (Outside Member of the Board of Directors)

The selection of a new President is based on the succession plan and the selection criteria that were deliberated at a meeting of the Nomination Committee and resolved at a meeting of the Board of Directors. The Nomination Committee deliberated, and the Board of Directors approved, the resolution to select a new President from among candidates after a comprehensive examination of, among others, their ability to meet the presidential selection criteria and characters in accordance with the presidential selection process as approved by the Company’s Board of Directors.

Career summary of the new President

Ownership of the Company’s stock: 562 shares (as of January 31, 2024)