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Satoru Iwata to remain CEO and president of Nintendo

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Nintendo shareholders voted to keep CEO and President Satoru Iwata on board today in their annual meeting in Japan.

After three consecutive years of annual loss, many were unsure of Iwata's job security. However the recent sales of Mario Kart 8 and a stellar E3 performance seem to have kept Iwata on duty for now.

The Wii U has not been selling at the rate that Nintendo and its shareholders had hoped it would. It has already been outsold by the Playstation 4 despite getting a year long head start. Even with the strong sales of Mario Kart 8, the Wii U has only gotten a minor boost up the sales chart.

According to IGN, Iwata's approval rating plummetted from 92.9 percent in 2011 to 77.3 percent in 2013. Though the numbers are poor, Iwata has expressed that he has no intention of stepping down from his role.

While things certainly may look grim for Nintendo, you only have to look back a few years to find a similar situation that they rebounded from. Early sales of the 3DS were less than impressive, but the handheld bounced back nicely and has sold over 40 million units worldwide.

It is too early to tell whether or not the Wii U will be able to mount a similar turn around. The system does have a strong slate of releases coming up, including the highly anticipated Super Smash Bros. However if things don't go according to plan, the days at Nintendo may be numbered for Satoru Iwata.

On a side note, Iwata was not present at today's meeting or E3 as recent health issues have kept him out of commission. He successfully underwent surgery last week however, and is on the road to returning full time.

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