Yoichi Wada Steps Down as Square Enix CEO
Written Tuesday, March 26, 2013 By Richard WalkerView author's profile
Yoichi Wada is to step down as Square Enix CEO following a major revision of the company's yearly fiscal forecast. An investor's note states that Square Enix expects that Wada will leave the position of CEO, ending ten years in the role starting in 2003 with the Square Co. and Enix Corporation merger. Wada first joined Square in April 2000.
The fiscal forecast in question reduces expected revenue by ¥16.5 billion ($175m/£115m) as a result of a poor performance for Square Enix's major console titles in Europe and North America since the company's last forecast back in October 2012. EA's former CEO John Riccitiello also stepped down recently, apparently due to a failure to hit financial targets.
Representative Director, Yosuke Matsuda will replace Wada, with a more permanent decision to be made during the general meeting of shareholders in June this year, and a resolution by its board of directors in a meeting afterwards.
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