Heavy losses in the fiscal year ending March 31st spell bad news for Square Enix.
Square Enix President and CEO Yoichi Wada resigned today as part of a “management reform”. He will be replaced by representative director Yosuke Matsuda. The decision is still pending for the company’s general meeting of shareholders in June, along with a decision from the board of directors.
This follows the recent news of Square Enix incurring heavy losses following the fiscal year ending March 31st 2013. The company will be restructuring itself majorly and is expected to incur losses of about 10 billion yen (around $105 million) by the end of the fiscal year.
Given how Square Enix has been postponing expected releases like Final Fantasy Versus XIII and pouring immense resources into failures like Final Fantasy XIV – not to mention the continuation of the Final Fantasy XIII saga, which is proving to be more trouble than it’s worth.
We’ll get to see if this actually helps benefit Square Enix in the long-run, given how they want to focus on big budget titles now.