Square-Enix President Steps Down

By Dog of Thunder, 3 years ago
As a publisher, Square-Enix had a big fiscal year. For those unaware, the fiscal year runs from April 1st to March 31st. This past fiscal year saw Square-Enix publish Hitman: Absolution, Hitman HD Pack, Quantum Conundrum, and Sleeping Dogs. While Tomb Raider was also released, any profit from Lara's first adventure won't actually materialize in Square-Enix's coffers until the 2013 fiscal year. All of this means that Square-Enix is closing out the 2012 fiscal year with a steep, "extraordinary loss" of ¥13,000,000,000 yen.

Original projections for the fiscal year provided by Square-Enix would have put the company at a profit of ¥3.5 billion. The incredible loss of revenue is being blamed on weak console game sales in the North American and European markets. No matter how much of a critical hit Sleeping Dogs was, particularly in Europe where it closed out the 2012 fiscal year as the top-selling new IP, the amount of money Square-Enix poured into its development did not pay off. While sales for Sleeping Dogs were not bad, with the title shipping over 2 million units worldwide, it is clear that Square-Enix had impossibly high hopes for a brand new, niche IP.

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Yoichi Wada, whom has been with Square-Enix since 2000 as President and CEO, will be stepping down as the first part of a company-wide restructuring. Wada began his corporate career at Nomura Securities, an investment bank, which he joined once he received his law degree from Tokyo University. He then served the Japanese Ministry of Finance office in Warsaw, Poland before deciding he wanted to join a company that would be involved with "creating society", and signed on with Square. Wada was a key figure in Square-Enix's acquisition of Taito in 2005 and Eidos Interactive in 2009.

Replacing Yoichi Wada as President will be Yosuke Matsuda, formerly the Representative Director for Square-Enix. As part of the restructuring, the President and CEO roles will be split, with a future CEO to be voted into office by Square-Enix's corporate board this April.

The Square-Enix financial form released today is available under the External link section of this article.
Credit for this story goes to sm182