Square Enix announced today that Yoichi Wada is to step down from his position as President and Representative Director at the company. His successor has been named as Yosuke Matsuda, and the transition is expected to take place in June.
Wada has held his current position at Square Enix since the company was formed in the merger of Square and Enix in 2003, prior to which he was Chief Executive Officer at Square.
The 53-year old is moving aside after a difficult period for the company, who are expected to post an “extraordinary loss” for the 2012/13 financial year, which runs to the end of March.
In a statement, Square Enix announced, “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.” They estimate the reforms will cost in the region of ¥10 billion (around $106 million), which represents the lion’s share of their forecast net income loss of ¥13 billion ($138 million) for the financial year.
Wada is expected to remain with the company after taking a 60% pay cut. His successor, Matsuda, is also receiving a pay cut with his promotion.
Square Enix have faced criticism in recent years for their shift away from major console titles into mobile and social platforms, and for preferring to work on ports and remakes of old games over new ones. Which direction Matsuda will take the company in remains to be seen, but it is clear that his immediate focus will be on turning the company’s financial fortunes around.
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NOOOO, he was so gooood!!