Nidec sets up nomination committee to address succession issue

TOKYO -- Japanese motor maker Nidec has established a nomination committee as the company's founding chairman and CEO, Shigenobu Nagamori, looks for his successor, he said in an interview on the sidelines of Nikkei's two-day Global Management Forum on Tuesday.

Nagamori, 78, returned as CEO in April after his predecessor, Jun Seki, resigned as CEO to take blame for three straight quarters of profit decline through June. Seki, a former Nissan executive, was forced out of the position after less than a year in the post.