The two men at Nintendo who have become most synonymous with the Switch are Shinya Takahashi and Yoshiaki Koizumi. Without their vision, the Switch might have turned into something very different. It's clear that the higher-ups at Nintendo have been very impressed with the work these two did, and now they're giving them a bump up in the company.
Shinya Takahashi, currently the Director and General Manager of Entertainment Planning & Development Division, will become a Senior Managing Executive Officer. In terms of company power, this is the third most powerful position in the company, right behind Shigeru Miyamoto.
Yoshiaki Koizumi, currently a Deputy General Manager of Entertainment Planning & Development Division, will be taking on an Executive Officer role on the board of directors.