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! :shock:

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]

 

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Hiya! Sonji "Mineeva" Goodman here. I'm a knitter, crocheter, lover of cheesecake and sushi. Been playing video games since the age of 5 and haven't looked back. Currently working on mastering Japanese and figuring out how many licks it takes to get to the centre of a Tootsie pop. You can follow me on Twitter at @vsog_mineeva, the Vast Sea of Games Facebook Page and on Instagram.

2 Responses to Yoichi Wada Stepping Down As Square Enix President

  1. Tekyu says:

    Oh. My. GAWD.

    I really don’t know how to digest that kind of news. I mean, I know things haven’t been going their way lately, but I’m also one who’s been leaping up and down about their horrifying dip in quality control over the last several years. Even so, I didn’t thinks were really THAT bad. YIKES.

    Curious to see how they’re gonna pull out of this dive.

    • Mineeva says:

      I know, right? Going from being in the black to down in the red like that… ugh. It’s like getting punched in the stomach :s

      It certainly will be interesting to see how things will go for them, particularly in the months following Wada’s departure. Perhaps someone new at the helm will be able to steer them in a new direction.

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