At Nintendo's financial report in Tokyo this afternoon, it has been announced that 68 year old Tatsumi Kimishima will step down in June after nearly three years as President of the company. 

He will be replaced by board member of both Nintendo and The Pokémon Company, Shuntaro Furukawa

Furukawa joined Nintendo back in 1994, and has been Outside Director of the Pokémon Company since 2012. He's also assumed the roles of Managing Executive Officer, Supervisor of Corporate Analysis & Administration Division and Director of Nintendo since 2016. It is being reported in Nikkei that Furukawa worked on the Switch’s sales and marketing plans, and that he has previously spent ten years working in Europe.

Nikkei also reports that the switch isn't due to Kimishima's performance; in fact, it was Kimishima himself who thought that Nintendo’s management needed to be "younger" in order to understand the needs of its customers.

In addition, Satoru Shibata is leaving his role as president of Nintendo of Europe to take on a more global role at Nintendo Co. Ltd (NCL). At this time the company have not named a replacement for Shibata-san at Nintendo of Europe.

Nintendo have also appointed two new members to the board in Yoshiaki Koizumi and Takashi Tezuka, replacing older managers who are retiring. Koizumi has been called the architect behind the Switch and Tezuka most well known for producing entries in the Super Mario series.