Square Enix's Yoichi Wada Is Stepping Down [Update]

Illustration for article titled Square Enixs Yoichi Wada Is Stepping Down [Update]
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Today, it was announced that Square Enix president Yoichi Wada is stepping down. He will no longer be serving as Square Enix's Representative Director. Yousuke Matsuda, who joined Square in 2001, will take over Wada's role in running the company.

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The reason given for Wada's demotion was "a management reorganization". According to Japanese website 4Gamer, no word on what's next for Wada. This comes as Square Enix is forecasting an "extraordinary loss" in its next financial statement.

The changeover is slated to go into effect starting in late June.

Update: According to a supplementary statement Square Enix released, Yoichi Wada is receiving a 60 percent pay cut in his salary starting this April. This is due to the company's poor performance. What's more, after stepping down in June, president Wada will not be reappointed to Board of Directors.

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It's worth noting that Matsuda, who is replacing Wada, is getting a 40 percent pay cut. Oh, and a promotion.

スクウェア・エニックスの和田洋一氏が代表取締役社長を退任 [4Gamer]

Kotaku East is your slice of Asian internet culture, bringing you the latest talking points from Japan, Korea, China and beyond. Tune in every morning from 4am to 8am.

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DISCUSSION

Well to be honest he was pushed out.

It came out as a surprise here as this information wasn't circulated among the employees.

I would like to say that it heralds a bright future but it really doesn't.

Mr. Matsuda is far from being a "Let's change the company's direction" type of man.

Anyways, wish us luck...