Square Enix have announced that president Yoichi Wada will be stepping down after 13 years of leading the company. His resignation is attributed to an “extraordinary loss” reported in this financial year.
Writing in a statement to investors, Square Enix reported an “extraordinary loss” after deciding to “implement major reforms and restructuring in its development policy, organizational structure, some business models, and others.” Square Enix expect this restructuring to cost them ¥10 billion (about £70 million).
The company restructure was decided to combat poor console game sales in Europe and North America.
Yoichi Wada will be stepping down as president and representative director and will be replaced by Yosuke Matsuda, who was previously also a representative director.
Matsuda joined Square as vice president in 2001, the year following Wada’s ascent to president of the company, and since then has maintained a director’s role through the merger with the Enix Corporation.
Despite the critical and commercial success of the recently released Tomb Raider, its sales arrive too late to significantly alter the financial records for Square’s past year.