Nidec Slides After Announcing CEO Change and Outlook Misses
- Motor maker’s profit outlook fell short of analysts’ estimates
- Company’s billionaire founder to step down as chief executive
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Nidec Corp. shares fell as much as 8.4% -- the most since March 2020 -- after the company’s profit forecast for this fiscal year missed estimates and it announced that founder Shigenobu Nagamori will step down as chief executive.
Nidec pared the loss to close down 5.1% in Tokyo, erasing a 4.5% gain that came Thursday when it reported results. The motor maker expects operating profit of 180 billion yen ($1.7 billion) this year, short of the 199 billion yen predicted by analysts. The shares are now around the same level as at the start of the year.