Niki Nakashima has stepped down as president and CEO of Japanese appliance maker Mikai Home Appliances.
Nakashima was named the company’s CEO in September.
The New York Post reported that the company had no plans to renew its contract with the government.
A spokesman for Mikai did not immediately respond to a request for comment.
Nakasu, the only person in the country’s business who is also the president, said in a statement that she is “heartbroken” by the loss of the company.
She is “proud” of the Mikai team for their efforts to build an innovative business model and “inherent passion for innovation and building a better world.”
Nakamura, the company president, has been president of Mikai since 2007 and had served as vice president of corporate affairs from 2014 to 2018.
Mikai has been a leader in the development of high-end home appliances, and Nakashita’s appointment marked the first time a Japanese business leader has taken over a major company.
“It is sad to see a company that has made so much progress and built such great products and technology to serve people move on in this fashion,” Nakashimas CEO, Shigeki Takao, said.
The Mikai portfolio includes a range of consumer appliances including a refrigerator, dishwasher, air conditioner, washing machine and other appliances that use batteries and solar panels to generate electricity.
It also includes products such as a home theater system, a home security system and an energy management system.
The company has been developing products with advanced battery technology, and Takao said the company was exploring new products.
After the news broke, the Nikkatsu business section tweeted a link to an article in The Japan Times, the countrys largest newspaper, detailing how the company plans to close its doors and lay off 1,200 people.
Nikashima will remain president until a new CEO is chosen, the Tokyo District Court said in the ruling.