Square Enix CEO Yoichi Wada Resigns Over Extraordinary Losses

Square Enix CEO Yoichi Wada Resigns Over Extraordinary Losses - News

by Brent Galietti, posted on 26 March 2013 / 3,101 Views

Square Enix's latest financial statements have been released, and they are not pretty. The company projects a net loss of ¥13 billion ($138 million USD), including "extraordinary losses" of ¥10 billion ($106 million). Coupled with these grim financials was an internal memo stating that Yoichi Wada will be stepping down from his position as Square Enix CEO.

Yoichi Wada

Wada had been CEO at Square Enix since 2000, but disastrous financial results have led to his ouster. Square Enix initially projected a net profit of ¥3.7 billion ($37 million), after a ¥6 billion ($63.7 million) profit in the previous fiscal year. Square Enix labeled the sluggish sales of its major titles in Western territories and a company-wide restructure due to "the rapidly changing environment of the game businesses" as the primary reasons for its financial woes.

Wada will be replaced by former director and current CFO Yosuke Matsuda. A meeting will be held at the annual shareholders meeting in June, with Matsuda the current favorite to keep the job.

Source: [Joystiq]

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