Japanese electric motor-maker Nidec Corp. posted a 17% drop in fourth quarter operating profit and announced a change in leadership Thursday, with chairman and founder Shigenobu Nagamori returning to the role as chief executive officer.
Nagamori replaces Jun Seki, who will now be returning to his role as chief operating officer having spent less than a year as CEO, the company said.
Nidec announced operating profit fell to ¥36.9 billion ($287.85 million) in the final quarter of the financial year (January-March) compared with a profit of ¥44.5 billion a year earlier.
That was below an average ¥48.5 billion profit forecasted by five analysts surveyed by Refinitiv.
Nagamori founded Nidec in 1973, and Seki, a former executive at Nissan Motor Co, was recruited in 2020 to help the firm's drive to become a major player in components for next-generation automobiles.
In January, both executives dismissed media reports that Nagamori had regretted hiring Seki to succeed him as CEO, saying they continued to work closely together.
The Kyoto-based company is known for building motors for computer hard drives and smartphones, but it has said it aims to capture between 40% and 45% of an expanding market for energy-saving electric car motors known as e-axles by 2030.
The financial results and the change in leadership were announced after the stock market's close. Nidec's share price rose 2.4% on Thursday.