Yoichi Wada Stepping Down As Square Enix President

Square Enix - Yoichi Wada

A bit of restructuring over at Square Enix.

Square Enix’s Yoichi Wada is stepping down as President and CEO, a position he’s held for the last 12 years. He will be replaced by current CFO Yosuke Matsuda.

The change won’t occur until after a meeting with shareholders and board of directors in late June this year.

Square Enix also posted a revision of their financial forecast for their fiscal year (which goes from April 1, 2012 to March 31, 2013).

Things haven’t gone as expected for the company, citing sluggish sales of their major console games in North America and Europe, as well as how poorly the arcade machine business is doing. So they’ve decided to make a lot of addition changes to their development policy, business models, and other categories. All this restructuring will cause a loss of ¥10 billion ($106 million USD).

Overall, they’re now reporting a net loss of ¥13 billion ($138 million USD), as oppose to the ¥3.5 billion ($37 million USD) net profit they projected before.

… that’s a HUGE difference! 😯

Given how things have been going for the company as of late… I’m honestly not shocked. Particularly with Wada stepping down. It almost feels like this was inevitable. What do you guys think? How do you feel about Wada stepping down? You think this changing of the guard will help Square Enix change their fortune? Let me know in the Comments Section!

Source: Square Enix president Wada to step down, $106M ‘restructuring’ loss, [Joystiq]