Following on from today's earlier news that Nintendo has slashed their predicted sales of Wii U and expect to post a loss for this financial year, company president Satoru Iwata has come out and said that despite his inability to bring Nintendo back into profit, it doesn't mean he has to resign from his position.
"There will be no major management shake-up in the short term," Iwata said to reporters (and via Yahoo). A translation of the same report ended up on Neogaf that says Iwata feels responsible for the poor business performance of the company, and that he apologised to shareholders, but he will not leave his position and will work hard to quickly turn around the fortunes of the platform holder.