Yoichi Wada steps down as Square Enix president

In light of disappointing sales, Yoichi Wada has stepped down from his role as Square Enix president and representative director. Wada, who became the company's president and CEO in December 2000, is to be replaced by former company director and CFO Yosuke Matsuda. However, this change is "subject to a resolution" at the company's annual shareholders meeting in June, and a board of directors meeting held shortly after.

The decision is a result of "slow sales of major console game titles in North American and European markets," as well as a "sluggish performance" in the arcade sector. In the company's financial report, Square Enix noted Tomb Raider, which sold approximately 3.4 million units in only four weeks, failed to meet company expectations. Hitman: Absolution and Sleeping Dogs were also mentioned has having "weak sales."

In today's forecast revisions, Square Enix is now projecting a net loss of ¥13 billion, or around $138 million, for the fiscal year ending March 31. Initial forecasts called for a net profit of ¥3.5 billion, around $37 million. Perhaps Square Enix is finally realizing their cheap cash-grab techniques are not working as envisioned.