Square Enix's CEO, Yoichi Wada, has resigned, Japanese site 4Gamer.net reports, following revised company forecasts which project an "extraordinary loss" for Square Enix.
"Square Enix Holdings Co. Ltd., announced that Yoichi Wada will step down as CEO and President. Mr Yosuke Matsuda has been newly appointed representative director. The reason for the change is 'a management system in need of reform'. Plans for Mr Wada's future have not been announced at this time" 4Gamer said via Square Enix's Japanese website.
Wada will depart following the next shareholder meeting in June pending approval, according to the company's European site.
Square Enix were forced to revise down their projected profits forecasts as major console releases failed to perform in Europe and North America. The company's projected losses, described as "extraordinary", range from ¥13 billion ($138 million) to ¥16.5 billion GamesIndustry has reported.
The firm also expects its revenues to fall from a projected ¥150 billion ($1.5 billion) to ¥145 billion.
Square Enix attributed the poor results to "slow sales of major console releases in [the] North America and European markets" as well as "sluggish" performance at the company's arcade business. The losses were also partly blamed on a major restrcturing of Square Enix costing ¥10 billion.
Wada's resignation follows the announcement earlier this month that EA CEO John Ricciteillo will resign on March 30th.