Nintendo's President, Yamauchi, has stepped down. Iwata will be the one taking over his job. Full press release below...

Nintendo Names Iwata New President After Yamauchi Steps Down

Nintendo Co., the world's second- largest video-game maker, said Satoru Iwata will become president at the end of the month, replacing Hiroshi Yamauchi who served in that post for more than 50 years.

Iwata, 42 years old, currently serves as a board member at the Kyoto-based company and is head of Nintendo's business planning department. Iwata joined Nintendo in June 2000.

Yamauchi oversaw Nintendo's transformation from a manufacturer of game cards to one of the world's leading makers of video games and consoles. An outspoken advocate of family entertainment, Yamauchi once said Microsoft Corp. Chairman Bill Gates knew nothing about the video-game industry.

Separately, Executive Vice President, who joined Nintendo from Sharp Corp. in December 1999, will become chairman at the end of the month.