Oh boy that's a misleading headline, as he is still going to be working at Nintendo.

He's stepping down from major title development (Think mainline Mario, Zelda) and will be downshifting to working on small titles with a small team.

“What I really want to do is be in the forefront of game development once again myself,” Miyamoto said. “Probably working on a smaller project with even younger developers. Or I might be interested in making something that I can make myself, by myself. Something really small.”