Square Enix CEO resigns amid “extraordinary loss”

Now x-CEO and President of Square Enix, Yoichi Wada

Now x-CEO and President of Square Enix, Yoichi Wada

Square Enix President and CEO Yoichi Wada will be stepping down from his position, according to a recent statement from the company. The resignation comes following a negative balance sheet forecast, namely, predicting an “extraordinary loss” for the company this financial year.

The consolidated results report show that the executives at Square Enix pinned their FY 2012-13 profits to 3.5 billion yen (approx Rs. 200 crore). They failed to reached their target, and in fact the company is expected to report a loss of 13 billion yen (roughly Rs. 600 crore).

Quoting the report, “The Company forecasts that actual business results from its Digital Entertainment Segment substantially fall below its plan primarily due to slow sales of major console game titles in North American and European markets.” Specific sale breakdowns are unavailable, but the news shocking in the sense that Square Enix was responsible for some major releases this financial year, namely Hitman: Absolution, Sleeping Dogs and Tomb Raider. Although all these titles are critically acclaimed, it is evident that they’ve underperformed.

The company’s former president, Yosuke Matsuda, will now be filling the boss’ boots, and spearheading a major restructure in “development policy, organizational structure, some business models, and others.”

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