Square Enix CEO Yoichi Wada Resigns Over Extraordinary Losses

26th March, 3 replies

Square Enix, Yoichi Wada

Square Enix's latest financial statements have been released, and they are not pretty. The company projects a net loss of ¥13 billion ($138 million USD), including "extraordinary losses" of ¥10 billion ($106 million). Coupled with these grim financials was an internal memo stating that Yoichi Wada will be stepping down from his position as Square Enix CEO.

Wada had been CEO at Square Enix since 2000, but disastrous financial results have led to his ouster. Square Enix initially projected a net profit of ¥3.7 billion ($37 million), after a ¥6 billion ($63.7 million) profit in the previous fiscal year. Square Enix labeled the sluggish sales of its major titles in Western territories and a company-wide restructure due to "the rapidly changing environment of the game businesses" as the primary reasons for its financial woes.

Wada will be replaced by former director and current CFO Yosuke Matsuda. A meeting will be held at the annual shareholders meeting in June, with Matsuda the current favorite to keep the job.

Source:

gamrreview.com/news/89906/…

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3 COMMENTS
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  • Jarrod Garripoli
    Well, I think it's a general consensus that Wada basically took Square in a horrible direction. The general feelings of him resigning seem to be joy and happiness. I just hope his replacement realizes that a return to the Square of old might be needed.
    — 27th March
  • Brandon Fusco
    EA, Square Enix... I don't think this says as much about the economics of gaming industry (currently) as it does the fears of those in charge.
    — 27th March
  • Jarrod Garripoli
    It's about time he resigned.
    — 27th March

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