Square-Enix President Steps Down, Financial Losses Predicted
Yoichi Wada leaves the Japanese giants after nearly 13 years, while company warns of “extraordinary losses”
Square-Enix have announced the resignation of their President, Yoichi Wada. Initially joining in 2000 when Square and rival Enix were separate entities, he became President of both companies after the merger in 2003.
This news comes as the company predicts substantial losses this financial year, due to slow sales of their biggest releases in North American and European territories. According to trade publication MCV, the company’s Net sales forcast has been reduced from ¥150bn to ¥145bn, while Net losses have risen from ¥3.5bn to ¥13bn. It was noted that of that figure, ¥10m would come from “major reforms and restructuring in its development policy, organizational structure, some business models”.
Until a permanent successor is appointed, former company director Yousuke Matsuda will be acting President.
Lee Garbutt
I'm a UK-based writer with a passion for gaming that spans over 2 decades. For years I've been interested in the history of video games and as a result I have quite the collection of console hardware, not to mention a brain bursting with gaming trivia and knowledge. I've been a part of the GodisaGeek family since 2011, writing, talking and doing videos throughout that time.
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