Square Enix has announced the resignation of current president Yoichi Wada with current representative director Yosuke Matsuda to succeed him as president in June. This comes as a part of the publisher’s restructuring plans.
“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.” Square Enix 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.”
For their current financial year ending March 31st 2013, Square Enix expects a net loss of 13 billion yen ($138m) down from last October’s 3.5 billion yen ($37m) profit. Partly blamed was “slow sales of major console game titles in North American and European markets”, “sluggish performance of its arcade machine business”, and also an “extraordinary loss” of around 10 billion yen ($106m) from their restructuring plans.