Nissan shares at 8-year low as top executive quits
The vice chief operating officer is leaving the company to become the president of Nidec Corp.
Stocks impacted: Nissan Motor Co. (7201), Nidec Corp. (6594)
Vice chief operating officer Jun Seki said he is leaving the the Japanese automaker and plans to join the Japanese manufacturer Nidec Corp., which produces specialist car parts, as president and COO. The news sent Nissan stocks 3.14% lower, to the lowest levels since September 2011. The market reaction was fairly painful as this step by the firm’s third-highest-ranked executive added to instability in the scandal-plagued Japanese carmaker, with Jun Seki was in charge of Nissan’s performance recovery. Since the start of the year, Nissan stocks lost nearly 30% while the Nikkei 225 Stock Average rose by 19%. Nidec shares fairly reacted to the news, adding just 0.3% on the day. Seki admitted that Nidec was an offer he could not refuse. On Thursday, Nissan shares recovered by 0.36%.
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