Japanese electric motor manufacturer Nidec Corp has a new president for the first time in its 45-year history.

Nidec chief operating officer Hiroyuki Yoshimoto has taken over as president from company founder Shigenobu Nagamori, who remains chairman and CEO.

“I have no intention of resigning yet, but the time has come to share the responsibility of managing a company group that now operates in 43 countries and continues to grow,” said Nagamori.

“At first, Yoshimoto will take over about 30% of my responsibilities. 10% of my time will go towards chairing the board of Kyoto Gakuen Educational Foundation that manages Kyoto Gakuen University, where I will develop the next generation of talented engineers, but I will dedicate the remaining 90% to Nidec. As a result the ‘management power’ of the company will actually increase to 120% (90% + 30%),” explained Nagamori.

Nidec has a history of acquiring and turning around underperforming companies and Yoshimoto outlined his ambition to further boost the growth of the company group by focusing on post-merger integration.

“I do not intend to change a winning formula,” said Yoshimoto. “On the contrary, I will stay true to Nagamori’s methods and thoroughly infuse the Nidec spirit into the newly acquired businesses through hands-on management.”