Square Enix President Yoichi Wada Resigning

By Spencer Pressly on March 26, 2013, 1:24PM EST

The president and representative director of Square Enix, Yoichi Wada will be stepping down from his position after the company revised its financial forecast. The company had predicted net income losses of 3.5 billion yen and had to revise that to 13 billion yen now.

This decline is due to low Western sales at retail and digital sales.

The report said the following:

[[quote]]The report explains the revision comes, "due to slow sales of major console game titles in North American and European markets. The Company is also experiencing sluggish performance of its arcade machine business.[[/quote]]

[[quote]]"In addition to these factors, the Company expects to incur extraordinary loss about loss from restructuring in the settlement of the account for its fiscal year ending March 31, 2013.[[/quote]]

Yosuke Matsuda is expected to take the place of Wada in June. This news follows right after Electronic Art's CEO John Riccitiello left the company.

Wada has been with Square since 2000 and was a key person in merging with Enix as well as acquiriing Taito and Eidos Interactive. What do you expect to see happen to Square Enix with Wada stepping down? Let us know what you think in the comments below.

Source: Financial Report

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