During a press conference today in Osaka, Nintendo’s president Satoru Iwata apologized to shareholders for the company’s expected third straight annual operating loss, but has made the statement that he will not be resigning as a result.

“There will be no major management shake-up in the short-term,” Iwata told a group of reporters (via Reuters).

Earlier today, Nintendo reduced its forecast due to poor hardware sales, slashing the Wii U sales forecast by nearly 70 percent and its overall sales by a third.