Press release -
Nidec’s CEO and COO Talk about Future Growth and the Company’s New Leadership Structure
On June 20, over 1,000 Nidec shareholders gathered in Japan’s ancient capital Kyoto, the home of the company group’s corporate head office, to attend Nidec’s 45th annual general meeting. As customary, the two-hour long meeting was chaired by the company founder and CEO Shigenobu Nagamori who personally responded to all of the questions from the attending shareholders.
Touching upon future growth opportunities, Nagamori once again emphasized the arrival of four major technological “waves”—trends that will change the industry and lead to a dramatic increase in demand for electric motors and peripheral equipment like reduction drives. “There is no doubt about it, electric motors will become the new backbone of industry,” Nagamori said, making reference to an epithet previously attributed to steel and semiconductors while hinting at the enormous potential presented by the approaching “waves.”
After the shareholders’ meeting, Nagamori and Yoshimoto—the company’s new president and COO—greeted the media at a press conference and talked about Nidec’s new leadership structure.
“Founder transitions are notoriously difficult and history is fraught with examples of failed successions, but Yoshimoto has proven himself to be very capable; he meets my requirements,” Nagamori said.
Yoshimoto responded by outlining his ambitions for the future: “As Nidec’s new president I feel a great responsibility to meet the expectations of all stakeholders. Nagamori's management philosophy and the Nidec spirit are what drew me to the company in the first place and I will stay true to these methods and values. There are no tricks or shortcuts when it comes to managing a business; it is all about doing what needs to be done as a matter of course.
“It is almost impossible for a single person to replace the founder but with a strong management team I am confident that we can continue forging ahead. One of Nidec’s greatest strengths is our speed, and I will do whatever it takes to preserve and capitalize on this asset.”
Although Nagamori has officially ceded the presidency of his company, he does not have any intentions of resigning just yet. “I will continue running the company as CEO at least until we reach 10 trillion yen in sales in the fiscal year of 2030. The key to a successful transition is patience and I expect the entire process to take ten years. My expectations on Yoshimoto are focused on one thing and one thing only: results,” Nagamori added. On the question of who will speak at the next annual general meeting, he answered resolutely that he would return next year as well to take questions from the company’s shareholders.
Nidec was established in Kyoto, Japan in 1973 by its Chairman and CEO Shigenobu Nagamori. In 1979, Nidec became the first company in the world to successfully commercialize a direct drive spindle motor for HDDs based on a brushless DC motor. Since then, the company has grown into a world-leading comprehensive motor manufacturer encompassing approximately 300 subsidiaries employing over 100,000 people throughout the world and with annual sales exceeding $10B. Nidec's motors, drives, generators and related products are found in a diverse range of applications including computers, smartphones, home appliances, automobiles, manufacturing plants, robots and more.
