Nidec pledged to sell off low-profit units such as household appliances and automotive motors while investing in its businesses for the artificial intelligence, chips and energy sectors, seeking to restore investor trust after an accounting scandal wiped off a third of its value.
“Our most pressing priority now is to return to our origins as an enterprise,” said Michio Kaida, 70, the chief technology officer who replaced Mitsuya Kishida this week in a controversial leadership change that preceded the disclosure of more than ?1.1 trillion ($6.9 billion) in write-downs and charges due to accounting irregularities.
In his first public appearance, Kaida said the world’s largest maker of precision motors would try to return to growth by focusing on sectors like data center equipment, power generation and energy storage systems. “We want to allocate our resources and focus management’s efforts on key sectors,” he said during a news conference at the company’s headquarters in Kyoto.
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