Currently Online 
Iwata should stay, but Nintendo's board of directors needs a huge shake up. Too many old Japanese men on the board, no one with a Western perspective at all. Miyamoto should retire from the board too and just work on his own game projects. Stay out of the corporate decision making, that's just not what he's suited for.
Nintendo needs someone who's far more in touch with the modern market (especially in the West as Japan is a shrinking market) who also understands marketing.
Iwata's powers should be reduced too, I don't believe in firing the guy or shaming him into resignation, but he has to take heat for screwing up two product launches in a row and losing basically all of the momenteum they had from 4-5 years ago with the exception of the 3DS in one market (Japan). That's not good enough.
