Notice of Resignation of President and Representative Director and Selection of New President and Other Executive Appointments

Key Personnel Points

Nidec Corporation announced the resignation of its President and Representative Director and disclosed that Toshio Kaida will be appointed as President and Executive Officer (Chief Executive Officer and Chief Technology Officer). The resignation is linked to factors concerning the appropriateness of financial reporting, and the selection was made following deliberation by the nomination committee composed of independent outside directors. The new president is 70 years old and graduated from the Faculty of Engineering, Kansai University.

Structure and Outlook

Under the new structure, Mr. Kaida is expected to drive reforms as CEO and CTO, providing leadership to lead business restructuring while accurately assessing the current severe management environment. Masayuki Minai will assume the position of Representative Director and Senior Executive Officer, concurrently serving as Chief Compliance Officer and Chief Human Resources Officer. The date for the successor's appointment will be determined at a meeting following the extraordinary shareholders meeting.