Huh, just last week we had EA’s CEO John Riccitiello bowing out and leaving the company, and now we have Square Enix’s Yoichi Wada doing the same. Riccitiello pointed towards his own failure to prevent the publisher’s profits from sliding further as the reason for his resignation. While Square Enix’s Wada isn’t exactly doing the same, the timing of his departure speaks volumes.
This announcement of his resignation comes hot on the heels of the publisher revealing to investors an “extraordinary loss” for the fiscal year ending 31 March 2013. This loss is attributed to Square Enix console games underperforming in “North American and European markets”. The publisher also blames its lagging arcade machine sales.
Wada is being replaced by Square Enix’s current representative director Yosuke Matsuda. In addition to this change in top brass, Square Enix plans “to implement major reforms and restructuring in its development policy, organizational structure, some business models, and others.” At present, Square Enix is expecting to lose about ¥10 billion, or just over R1 billion. Ouch.