On October 26, Nidec Corporation announced that founder Shigenobu Nagamori has resigned as honorary chairman, effective immediately. This resignation follows his departure from the board of directors in December of the previous year. Nagamori emphasized that his decision reflects a total withdrawal from the company leadership, stating, "I will completely step down in name and reality." His departure marks a significant shift in the company as it seeks to recover from recent controversies.

Nagamori publicly expressed remorse over the company's involvement in improper accounting practices that created a scandal and attracted scrutiny from the media and stakeholders alike. He stated, "I feel deep regret for causing public concern due to allegations of improper financial practices." This assertion of accountability indicates his recognition of the need for Nidec to demonstrate transparency and integrity as it navigates through these challenges. In his remarks, he also underscored his belief that true rejuvenation of the company requires leadership that is free of conflict, which his resignation embodies.

Since May of last year, Nidec has been embroiled in several allegations of inappropriate accounting, which led the Japan Exchange Group (JPX) to designate it as a special cautionary stock. An external committee is scheduled to release its initial report on the matter by the end of this month, suggesting that the company is still grappling with the fallout of these financial irregularities and indicating potential further implications for its corporate governance and operational practices moving forward.