Jun Seki, the Vice-COO of Nissan Motor Company has announced his decision to step down from his position and leave the company. Seki will be joining Japanese manufacturer Nidec Corp. as President and COO.
Nissan in an official press release announced that it has accepted Seki’s resignation and started its new management under Representative Executive Officer, President and CEO Makoto Uchida as of December 1, 2019. Under the new top management, Nissan is trying to regain trust, restore the company’s performance and work on its business transformation.
Seki joined the Yokohama-based automaker in 1986, meaning new CEO Uchida and COO Ashwani Gupta will now have to fill a void left by the departure of the member of their team with the most experience within Nissan.
Seki’s resignation dealt another blow to the Japanese carmaker after last year’s scandal over excess compensations. The company’s shares fell 3.1% to 633 yen, the lowest since 2011, as of the close Wednesday in Tokyo. The shares have slid 28% this year, compared with a 19% gain in the Nikkei 225 Stock Average.
Known for its precision products, Nidec is the world’s No. 1 supplier of hard-drive motors. The manufacturer is seeking to become a top supplier for electric vehicles, home appliances, and industrial and commercial equipment, with the goal of reaching 10 trillion yen in annual sales by fiscal 2030.
Nidec was founded by Shigenobu Nagamori in 1973 in a shack next to his family’s farmhouse.
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