Square-Enix President Steps Down, Financial Losses Predicted

by on March 26, 2013

Square-Enix President Steps Down, Financial Losses PredictedYoichi Wada leaves the Japanese giants after nearly 13 years, while company warns of “extraordinary losses”

Square-Enix have announced the resignation of their President, Yoichi Wada. Initially joining in 2000 when Square and rival Enix were separate entities, he became President of both companies after the merger in 2003.

This news comes as the company predicts substantial losses this financial year, due to slow sales of their biggest releases in North American and European territories. According to trade publication MCV, the company’s Net sales forcast has been reduced from ¥150bn to ¥145bn, while Net losses have risen from  ¥3.5bn to ¥13bn. It was noted that of that figure, ¥10m would come from “major reforms and restructuring in its development policy, organizational structure, some business models”.

Until a permanent successor is appointed, former company director  Yousuke Matsuda will be acting President.