Square Enix posted new briefings today for its investors with downward revisions to its consolidated forecast results for the fiscal year ending on March 31st, 2013. The briefings revealed some major changes coming to the publisher following what it calls “extraordinary loss” relating to the changing environment of the game market.

As part of the announcement, Square Enix announced that President and Representative Director Yoichi Wada will be stepping down in June. A Square Enix release today read:

“SQUARE ENIX HOLDINGS CO., LTD. (the “Company”) expects that the Company’s representative director s will change. Such change is subject to a resolution by its 33rd annual general meeting of shareholders to be held in late June, 2013, and a resolution by its board of director s meeting to be held after the said meeting of shareholders.”

Wada became a Senior VP with Square Enix back in October 2001. He has since held several positions such as CFO, general manager, and eventually president. Current Representative Director Yosuke Matsuda is expected to step in to fill Wada’s role.

In addition to Wada’s resignation, Square Enix will also be making reforms and restructuring to its development policy, business models, organization structure, and more.

Slow console sales and the dismal performance of Final Fantasy XIV following its launch in September 2010 didn’t do the publisher any favors, but it’s clear that the upcoming relaunch of the MMORPG will be important to the company in light of the recent news.

Wada is the second major industry figure to step down this month. EA CEO John Riccitiello announced earlier this month that he will be stepping down on March 30th.

Sources: Forecast Revision, Wada Announcement, Revision Announcement

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Last Updated: Mar 14, 2016

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