By Ishaan . March 26, 2013 . 8:00am
Yoichi Wada is stepping down from his position as Square Enix’s president and representative director, the company announced today. Taking over his position is current representative director Yosuke Matsuda who will now also serve as president. The change will take place in late June.
Matsuda joined Square in 2001 as Senior Vice-President according to his profile. By 2004, he had become Director and CFO of Square Enix.
The announcement comes alongside a financial revision that Square Enix reported today. The company expects a net income loss of 13 billion yen (far higher than the originally predicted 3.5 billion yen) owing primarily to sluggish Western sales. Additionally, Square are also expecting sluggish performance in their arcade business.