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Square Enix boss steps down amidst "extraordinary loss" for this financial year

After a huge financial loss for the year, Square Enix boss steps down

| Business, Financial & Legal News | Posted: Mar 26, 2013 2:33 pm

Square Enix has just lost their boss due to an "extraordinary loss" in their last financial year, with slow sales in console games in the West to blame, Square Enix said in a statement to investors. Yoichi Wada has been head of the company since 2000, and has now been replaced with former Square Enix president Yosuke Matsuda.

 

TweakTown image news/2/9/29335_04_square_enix_boss_steps_down_amidst_extraordinary_loss_for_this_financial_year.jpg

 

Profit forecasts have been cut, making room of plans for "major reforms and restructuring" within Square Enix, something that will cost around $70 million to do so. Console game sales are the cause for these issues, and the restructuring, but it is the reforms themselves that will see the company tripping that line into the red this year. The company were expected to make a $24.4 million profit, but will now make a $90 million loss.

NEWS SOURCE
Eurogamer.net

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