Satoru Iwata Refuses To Resign As CEO After Disastrous Nintendo Financial Report

Earlier this morning we reported on Nintendo’s financial forecast, and it was not good at all.  Wii U sales projections were slashed from 9 million to a meager 2.8 million.  On top of that the 3DS was revealed to have not met sales expectations.  Typical companies would find a way to shake up management or replace the CEO after three consecutive annual losses, but Nintendo will have none of that.

Yahoo is reporting that when asked if there would be management shake-up in the company responded with a resounding no.  Remember, Iwata promised last year that he would return Nintendo to profitability.  Clearly he failed big time with the Wii U only managing to sell 160,000 units if Q1 of the current Fiscal Year and 300,000 in Q2.  Sony and Microsoft sold 1 million PS4s and Xbox Ones in only 24 hours.

Iwata also apologized and took full responsibility for the problems.  However he refused to resign stating that he wanted to personally turnaround Nintendo’s fortunes.

Whether or not Nintendo can turn around the Wii U’s fortunes has long been debated over the long year.  Nintendo has held steadfast stating that strong exclusives will help sell the system, but the likes of Super Mario 3D World, Pikmin 3, The Legend of Zelda: The Wind Waker HD and The Wonderful 101 had little to no effect on sales.  Even a price cut did little to make sales rise.  With the more powerful PS4 and Xbox One on the market and Third-Party developers leaving the console in droves its hard to see Iwata turning around the console.