news\ Apr 24, 2013 at 9:29 am

Satoru Iwata named new Nintendo of America CEO

Nintendo Satoru Iwata holding a banana

A series of Nintendo board changes, in the wake of several planned retirements, has left Nintendo president Saturo Iwata assuming the position of Nintendo of America Chief Executive Officer. Iwata replaces Tatsumi Kimishima who will assume the roles of general manager of Corporate Analysis and Administration and GM of the General Affairs Division -- positions currently held by the retired Yoshihiro Mori and Masaharu Matsumoto respectively -- within parent company Nintendo Co. Ltd. As for fan-favorite Reggie Fils-Aime, he will continue his role as president and Chief Operating Officer of Nintendo of America, reporting to Iwata.

Nintendo justifies that the moves "will support the company's unified global strategy, allow streamlined decision making and enhance Nintendo's organizational agility in teh current competitive environment."

Interestingly, though, the moves come in the wake of Nintendo reporting its disappointing fiscal-year financials. Despite reporting a net profit of just over 7 billion yen (about $71 million), much of the company's profit can be attributed to favorable changes in the currency markets and investments as opposed to sales of Nintendo products like the struggling Wii U. Do the series of moves have something to do with Nintendo's performance in the gaming market?

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