Square-Enix CEO Yoichi Wada Steps Down Following Fiscal Year Revision

Yoichi Wada, CEO of Square-Enix, will step down from his position it was announced today. The news came after the publisher revealed a drastic revision of the company’s fiscal year forecast in which it informed investors to expect an “extraordinary loss”

Wada has held the position of CEO, since Square Co. and the Enix Corporation merged in 2003. He will be replaced by current representative director, Yosuke Matsuda. The decision is subject to a resolution at its general meeting of shareholders in June this year, and a resolution by its board of directors in a meeting directly afterwards.

Square-Enix “expects that the Company’s representative directors will change” in a statement to shareholders.

Following John Riccitiello’s decision to step down from EA last week, Wada is now the second CEO of a major publisher who has ‘resigned’ this year due to a failure to meet financial targets.