Nintendo today announced that its long-time president Hiroshi Yamauchi will resign from his position on the company's board of directors, effective June 29th. He will continue to serve as an adviser. Yamauchi who has led Kyoto-based Nintendo for more than 55 years as president, announced he would not accept his retirement bonus estimated to be worth between 1 billion ($9.44 million US) and 1.5 billion yen ($14.16 million US). He explained that given the industry's current state, a huge cash of current assets was a must for any company. Hence, he wanted Nintendo to use the money to prepare itself for future challenges.

Serving as company president since 1949, Yamauchi stepped down in 2002 and handed the top post to his successor Satoru Iwata.

• Kyoto Shimbun