Square Enix has announced that president Yoichi Wada will resign from the company and they have forecast an extraordinary loss for the current financial year.
Yosuke Matsuda, the current representative director, will succeed Wada as president in June as Square Enix reorganises its management team amid wider reforms to its business operations.
Square Enix has also significantly revised its earnings forecast for the current business year ending March 31 2013, putting the blame on “slow sales of major console game titles in North American and European markets”, “sluggish performance of its arcade machine business”, and an “extraordinary loss” of roughly ten billion yen (£70m / $106m) from its restructuring plans.
The company now expects to report a net loss of 13 billion yen (£91m / $138m) for the fiscal year, down from a 3.5 billion yen (£24m / $37m) profit forecast last October. This is also down from the six billion yen (£42m / $64m) profit it made the previous business year. It has also downwardly revised its annual revenue forecast from 150 billion yen to 145 billion yen (£1b / $1.5b).
