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Japan-Update

Japanese motor tycoon Nagamori yields presidency of Nidec

73-year-old corporate icon to remain as CEO while taking a step toward succession

Nidec chief Shigenobu Nagamori speaks to the press on Jan. 24 in Tokyo. (Photo by Akira Kodaka)

TOKYO -- Japanese motor maker Nidec said on Thursday that its founder, Shigenobu Nagamori, will hand over the presidency in June, in a move aimed at determining a successor for one of the most revered entrepreneurs in the country.

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