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Square Enix president steps down

Yoichi Wada has resigned from his position in the wake of the company forecasting an "extraordinary loss" in revenue and poor sales of games such as Tomb Raider.

Nic Healey Senior Editor / Australia
Nic Healey is a Senior Editor with CNET, based in the Australia office. His passions include bourbon, video games and boring strangers with photos of his cat.
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Square Enix announced that Yoichi Wada will be stepping down from his role as president and representative director of the game development company. Wada held the role since 2000, and will be replaced by Yousuke Matsuda.

Tomb Raider has under-performed for Square, despite garnering critical favour. (Credit: Square Enix)

The company is citing a "management reorganisation" for the move that will see Wada stay with Square Enix, but lose 60 per cent of his salary. However, the news does come after the company released a statement forecasting what it terms as an "extraordinary loss" in its revenue for the year ending 31 March.

By "extraordinary", Square Enix means a loss of just over ¥10 billion (AU$101 million) in its ordinary income for the year.

In related news, Square Enix also announced that three of its big budget titles have failed to meet their sales targets. Tomb Raider, Hitman: Absolution and Sleeping Dogs have all failed to sell the quantity forecast by the company.