Square Enix has announced that current president, Yoichi Wada, will be resigning and the company’s current Representative Director, Yosuke Matsuda will be taking his place, effective late June 2013.
The change comes as a result of the company’s financial earnings, which has been revealed to be far less than what they had hoped. ‘Slow sales of major consoles titles’ and ‘sluggish performance of its arcade business’ appear to be the biggest factors that prompted in the change.
“In view of the rapidly changing environment of the game businesses, the Company has decided to implement major reforms and restructuring in its development policy, organizational structure, some business models, and others.”
“The Company expects to incur loss of approximately ¥10 billion from such restructuring efforts to be recognized as extraordinary loss about loss from restructuring in the settlement of the account for its fiscal year ending March 31, 2013.”