People think that Nintendo would find some outside CEO to take over and then "everything would be fine" when in reality, it would be just the opposite. Said new person would likely be fired by the board simply for his/her ideas that conflict with the company. Loss-leader, hyper-realism and graphics over gameplay, voice acting out the ass...and many other conventions that tend to run companies into the ground. (Voice acting for games is pretty expensive and the fan backlash for having certain characters talk would be huge)
Getting someone from the West to take over the entire company wouldn't be a smart move either considering Japan is Nintendo's bread and butter and they have a general disdain for western products over there......just look at the 360.
Iwata was hand-picked by the grandson of the founder of the company (Yamauchi) to take over, so I'm guessing he would pick someone from within the company that shares the same ideas. Iwata stepping down probably wouldn't change too much to be honest. I have no clue who it would be (certainly not Reggie) since I don't know any of the names of the businessmen or what they are like.
Iwata won't be leaving until sometime after next April at the absolute earliest anyway, I'll worry about it IF it even becomes an issue.
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