Square Enix CEO Yoichi Wada has announced today that he will be stepping down as the Representative Director and is being succeeded by Yūsuke Matsuda

According to 4gamer, the reason for Wada’s departure is a “management system for reform.” The company’s financial statement that revealed an “extraordinary loss.”

“Soft sales large for home-use game machine in the United States and Europe sluggish,” it said in the financial statement (Translated by Google).

Wada’s resignation and Matsuda’s promotion will be effective June.

There is no information yet regarding what Wada’s plans are for the future.

Source: 4gamer