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Old 03-26-2013, 11:05 AM   #1
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Square Enix President Yoichi Wada stepping down

Quote:
Square Enix President Yoichi Wada Steps Down
It comes as part of the company's financial forecast revisions, which now predict "extraordinary loss".
by Luke Karmali MARCH 26, 2013

The president and representative director of Square Enix, Yoichi Wada, is stepping down from his position following the company revising its financial forecast.

Wada's resignation is expected to come into effect from June, at which point Yosuke Matsuda, who joined the company in 2001, will replace him.

The move comes as part of a financial revision for the company, in which it's revealed that Square Enix now "expects to incur extraordinary loss in the settlement of the accounts for its fiscal year ending March 31, 2013."

While the company had been predicting net income losses of 3.5 billion, this has now been revised to 13 billion following a decline in Western retail and digital sales.

The report explains the revision comes, "due to slow sales of major console game titles in North American and European markets. The Company is also experiencing sluggish performance of its arcade machine business.

"In addition to these factors, the Company expects to incur extraordinary loss about loss from restructuring in the settlement of the account for its fiscal year ending March 31, 2013."

Wada joined Square in April 2000 and rose to the rank of CEO in December of that year. When Square merged with Enix, he took up the title of president and representative director of the new company and oversaw the acquisitions of both Taito and Eidos Interactive.
SOURCE - http://www.ign.com/articles/2013/03/...ada-steps-down

UPDATE - I'll go ahead and post a few of Square's "disappointing sales"
Quote:
The company's revised forecast is being blamed on the lower-than-expected sales of Tomb Raider, Hitman: Absolution, and Sleeping Dogs in the west, and the subsequent company reorganization that is currently taking place is being put on the books this fiscal year, according to Gamasutra.

How "weak" were the sales of those games? By the end of March, Square Enix estimates that in North America and Europe, Tomb Raider will have sold 3.4 million units, Sleeping Dogs 1.75 million, and Hitman: Absolution 3.6 million. None of those figures includes downloadable sales. Tomb Raider, by the way, has been on shelves less than a month.

No word on exactly what Square Enix was expecting these games to sell.
SOURCE - http://www.gameinformer.com/b/news/a...px?PageIndex=2

Kinda shows how stupid ridiculous their budgets and expectations are
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Old 03-26-2013, 02:33 PM   #2
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If Square Enix lives through all of this, it's going to be nothing short of a miracle. Judging by how high they have their expectations, it's highly unlikely they'll pull through it. Give it five years at most, and we'll see where Squeenix is.

I doubt they'll continue. Squandering opportunities (Versus XIII, KH3), mediocre releases on their acclaimed series (FFXIII, FFXIV), and the inflated prices they put on their iOS games are just small indicators of their problems. They'll collapse, and sadly I'll probably never see a conclusion to one of my favorite series.
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Old 03-28-2013, 10:17 AM   #3
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This is a good thing, the guys is an idiot. They need to just stop trying so hard to do other things and stick to what they're good at. And if they want to make tons of money, they need to remake Final Fantasy VII. It'll be a major cash cow and it's what fans want.
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