Japan's Nidec lines up five execs as chairman contenders

TOKYO (Reuters) - Japanese electric motor company Nidec Corp on Monday lined up five contenders to eventually take the reins as chairman from the firm's no-nonsense 78-year-old founder, Shigenobu Nagamori.

The move marked the latest chapter in a long-running succession struggle at the firm, in which Nagamori last year made a surprise comeback as chief executive officer (CEO) after initially appointing another executive to the role in 2021.

Nidec said its board of directors had on Friday decided to name five people Executive Vice Presidents (EVP) from April 1. One of the five will be selected to serve as President from April 2024.

After serving four years as President, this person will be appointed as Chairman, Nidec said, as it seeks to bring an end to the saga.

Nagamori himself will become representative of the board in April 2024, when he will give up his current roles of Chairman and CEO to incumbent President Hiroshi Kobe, the Kyoto-based firm said in a statement.

"I will gradually move away from work after that," Nagamori told reporters during an online news conference on Monday.

Toshiyuki Otsuka, Tatsuya Nishimoto, Yoshihisa Kita, Toshihiko Koseki and Mitsuya Kishida were the five named as EVPs.

(Reporting by Daniel Leussink, editing by Ed Osmond)