Square Enix has announced that president Yoichi Wada is set to resign and also forecast an “extraordinary loss” for the financial year.
Current representative director Yosuke Matsuda will replace Wada as president in June as part of a reorganization of management. “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 publisher said.
“The company expects that the representative directors will change. Such change is subject to a resolution by its 33rd annual general meeting of shareholders to be held in late June, 2013, and a resolution by its board of directors meeting to be held after the said meeting of shareholders.”
Square Enix has also revised down its earnings forecast for the year blaming “slow sales of major console game titles in North American and European markets” and a loss of around ten billion yen ($106 million) from its restructuring plans.