The president and representative director of Square Enix, Yoichi Wada, is stepping down from his position following the company revising its financial forecast.
Wada’s resignation is expected to come into effect from June, at which point Yosuke Matsuda, who joined the company in 2001, will replace him.
The move comes as part of a financial revision for the company, in which it’s revealed that Square Enix now “expects to incur extraordinary loss in the settlement of the accounts for its fiscal year ending March 31, 2013.”
While the company had been predicting net income losses of ¥3.5 billion, this has now been revised to ¥13 billion following a decline in Western retail and digital sales.
The report explains the revision comes, “due to slow sales of major console game titles in North American and European markets. The Company is also experiencing sluggish performance of its arcade machine business.
“In addition to these factors, the Company expects to incur extraordinary loss about loss from restructuring in the settlement of the account for its fiscal year ending March 31, 2013.”
Wada joined Square in April 2000 and rose to the rank of CEO in December of that year. When Square merged with Enix, he took up the title of president and representative director of the new company and oversaw the acquisitions of both Taito and Eidos Interactive.
Source – IGN
Well, I can’t say that I’m overly sad at this. As far as the direction of a lot of the classic RPG series have been concerned, developments since the Squenix merger have been lack-lustre. I very much doubt that there will be a change of focus with this departure, and the chances of anything good coming to those franchises that we love so much are slim… but who knows.