In a Show of Confidence, Nintendo’s Board Re-Elects President Iwata
The board of directors for Nintendo (NTDOY.PK) voted to re-elect president Satoru Iwata today at the company’s 74th Annual General Meeting of Shareholders in Kyoto, Japan. Eight other top executive were also approved to retain their positions at the head of the company. These elections, which follow three consecutive years of financial losses for the company, can be seen as a vote of confidence in Nintendo’s future.
Iwata was not in attendance at the shareholders meeting, because he was recovering from a recent surgery. In a statement to shareholders, Iwata wrote, “As the president of the company, I regret that I cannot attend the meeting. However, I understand that I have to prioritize my medical treatment and to recover as soon as possible so that I will again be able to do my best to help the company to grow.”
Growth does seem to be on the horizon for the troubled company. Nintendo’s latest major title, Mario Kart 8 for Wii U, which came out at the end of May, has seen especially strong sales, with a reported 2 million copies sold in less than a month. With only about 6.4 million Wii U consoles in customers’ hands, that’s a massive chunk of the potential market. Also thanks to Mario Kart 8, Wii U sales have been picking up the pace recently, as Nintendo of America president Reggie Fils-Aime told Polygon in an interview.