Square Enix CEO Yoichi Wada has announced he is stepping down in response to the company’s most recent financial reports. Square Enix is expecting a loss of 13 billion yen ($137 million) for this quarter, which ends on March 31st. The company revised their expectation down even further from a previously estimated 3.5 billion yen loss.
Wada, who has been head of Square Enix since the two companies merged, will officially leave his position in June and be replaced by Yosuke Matsuda. Prior to the merger, Wada had been Square’s CEO since December 2000. Matsuda joined Square in 2001 as Senior Vice President and currently serves as Representative Director.
Matsuda will try to stabilize a company that has had several up-and-down years recently, however none compare to the extraordinary loss that is currently being forecast. No comment has been made about changes to current and future projects; however, some reorganization and redistribution of personnel would not be surprising.