Square Enix president resigns following announcement of company’s “extraordinary loss” of revenue


Square Enix president Yoichi Wada has resigned following on the announcement that the company expects  “extraordinary loss” in revenue for the current financial year which ends this March.

“The Company expects to incur loss of approximately ¥10 billion from such restructuring efforts to be recognized as extraordinary loss about loss from restructuring in the settlement of the account for its fiscal year ending March 31, 2013,” reads the financial statement

Citing slow sales of console game titles in North American and European markets as another major contributor to the losses. Square Enix says its also experiencing “sluggish” performance of its arcade machine business. In

The gaming giant is looking to restructure its development policy, organisational structure and business models.

GameSpot report that Yousuke Matsuda will take the helm in the wake of the resignation. Mr. Matsuda served formerly as the Corporate Officer of at Square Enix.