Nidec, a major manufacturer of electric motors, has replaced its second-in-command and will choose the next president from within the company in the spring of 2024, it said on Friday.
Jun Seki, president and chief operating officer who once held the chief executive position, will resign to take responsibility for a deterioration in the company's earnings, Nidec said.
In the meantime, Vice Chairman Hiroshi Kobe will take over the role.