Nintendo has announced in a shareholder meeting that it has a new president for the company. Veteran Tatsumi Kimishima is set to retire after leading the Japanese corporation for two-and-a-half years.

In his place steps 46-year-old Shuntaro Furukawa who has been serving on the board of both Nintendo and The Pokemon Company for the last few years. This marks the end of a transitional period after Kimishima took over as president when the legendary Satoru Iwata passed away in 2015.

The company said that they wanted to appoint a younger president to take charge so that they can put in place a long term plan for how they will develop in the future. Nintendo also confirmed that the timing of the decision had been made now that their hardware sales had stabilized with the release of the Nintendo Switch