Yoichi Wada, President of Square Enix, Resigns

<p>Square Enix has announced that current president&comma; Yoichi Wada&comma; <a href&equals;"http&colon;&sol;&sol;www&period;hd&period;square-enix&period;com&sol;eng&sol;news&sol;pdf&sol;20130326&lowbar;02en&period;pdf">will be resigning<&sol;a> and the company&&num;8217&semi;s current Representative Director&comma; Yosuke Matsuda will be taking his place&comma; effective late June 2013&period;<&sol;p>&NewLine;<p>The change comes as a result of the <a href&equals;"http&colon;&sol;&sol;www&period;hd&period;square-enix&period;com&sol;130326&period;pdf">company&&num;8217&semi;s financial earnings<&sol;a>&comma; which has been revealed to be far less than what they had hoped&period; &&num;8216&semi;Slow sales of major consoles titles&&num;8217&semi; and &&num;8216&semi;sluggish performance of its arcade business&&num;8217&semi; appear to be the biggest factors that prompted in the change&period;<&sol;p>&NewLine;<p>&&num;8220&semi;In view of the rapidly changing environment of the game businesses&comma; the Company has decided to implement major reforms and restructuring in its development policy&comma; organizational structure&comma; some business models&comma; and others&period;&&num;8221&semi;<&sol;p>&NewLine;<p>&&num;8220&semi;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&comma; 2013&period;&&num;8221&semi;<&sol;p>&NewLine;