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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.

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About Matthew Bennett

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Matt is one of the longest-serving members of the EGMNOW team. An ability to go many hours without sleep and a quick wit make him ideal for his role as associate editor at EGMNOW.com. He often thinks back to the days when the very idea of this career seemed like nothing but an impossible dream. Find him on Twitter @mattyjb89

Square Enix President Yoichi Wada to Resign

By Matthew Bennett | 03/26/2013 06:52 AM PT

News

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.

0   POINTS
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About Matthew Bennett

view all posts

Matt is one of the longest-serving members of the EGMNOW team. An ability to go many hours without sleep and a quick wit make him ideal for his role as associate editor at EGMNOW.com. He often thinks back to the days when the very idea of this career seemed like nothing but an impossible dream. Find him on Twitter @mattyjb89