President and representative director of Square Enix, Yoichi Wada will be stepping down from his post, Square Enix announced today.
From June onwards, Yoichi Wada will be replaced by the company’s current director and CFO Yosuke Matsuda. The decision comes following the company’s revision of its financial forecast, where Square Enix now “expects to incur extraordinary loss in the settlement of the accounts for its fiscal year ending March 31, 2013.”
An ever growing net income loss is order of the day for Square Enix. Previously, the company predicted a net income loss of ¥3.5 billion. However, this has now been revised to a massive ¥13 billion ($138 million) following a decline in Western retail and digital sales. The previous fiscal year, Square Enix posted a net profit of just over ¥6 billion.
Yoichi Wada became part of Square in April of 2000 and reached the rank of CEO in December of the same year. Wada then became president and representative director when Square finally merged with Enix.