Technology content trusted in North America and globally since 1999
8,584 Reviews & Articles | 67,027 News Posts

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

By Anthony Garreffa | Mar 26, 2013 09:33 am CDT

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.

square_enix_boss_steps_down_amidst_extraordinary_loss_for_this_financial_year_04

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.

Anthony Garreffa

ABOUT THE AUTHOR - Anthony Garreffa

Anthony is a long time PC enthusiast with a passion of hate for games to be built around consoles. With FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with high-end, custom-built PCs. His addiction to GPU technology is unwavering, and with next-gen NVIDIA GPUs about to launch alongside 4K 144Hz HDR G-Sync gaming monitors and BFGDs (65-inch 4K 120Hz HDR G-Sync TVs) there has never been a time to be more excited about technology.

NEWS SOURCE:eurogamer.net

Related Tags