How deep in it is Satoru Iwata in it right now? Apparently, the CEO and President of Nintendo is facing huge financial losses for the company. According to a Nikkei report and the translation of said report by the cool cats at Siliconera.com Iwata is facing what is said to be the “June of trials,” Just like all Presidents who’ve screwed the pooch, his approval ratings has dropped steadily over the past three years. More specifically, Iwata’s approval rating was 92.9 percent in 2011, but that dropped to 77.3 percent last year according to the report.
You see, Every summer Nintendo gets together with their Investors and shareholders to hold a meeting and at purpose is to take heavy feedback from said investors and for said investors to vote on whether Iwata stays on the board of directors or not. This coming from a guy who minored in business at college it gets more complicated than that.
The company’s investors are pissed at Nintendo for their inability to find profits as of late. Say what you want about the 3DS, the handheld alone is not enough to keep the company afloat. In fact on investor from Hong Kong suggested that Nintendo hops onto mobile gaming seeing as it’s a lucrative business but Nintendo said no and responded with: “are there any companies that make smartphone games while continually sustaining high profits?”
The details of the Nikkei report just goes on and on. There are even alarming things from the report such as the fact that Nintendo’s plan to build a Nintendo theme park has been put on hold. The fiscal had just ended a few days ago, more specifically, on March, 31st shows that Nintendo stands to lose 35 billion yen. All of this can be blamed on the Wii U but Iwata disagrees pleading that “The reason why it is not selling is because this understanding hasn’t spread out enough.”
Iwata can buy so much time until investors decide to give him the heave-ho as they aren’t satisfied with his performance, his empty promises and they aren’t satisfied with his recent pay cut. If Iwata won’t resign, he’ll get impeached.