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Square Enix President Resigns

YOICHISquare Enix President Yoichi Wada has resigned due to the company experiencing massive losses and less than projected sales on particular games.

 

Wada’s resignation came after a huge loss of over 10 billion yen, or 10 million dollars, in one fiscal year, which ends on March 31st. This comes from slow sales from the games Tomb Raider, Hitman: Absolution, Sleeping Dogs, Quantum Conundrum, and Heroes of Ruin, despite many of these games being critically successful.

 

Wada, who joined Square in April of 2000, was one of the key players in the Square Einx merger, as well as acquiring other video game companies such as Taito, who created Space Invaders, and Edios Interactive, who were responsible for the original Tomb Raider games.

 

Following the resignation, Square Einx plans to give the entire company a rehaul, by creating a much more efficient development policy with their games, as well as a new business structure for advertising. Wada’s resignation is one of the first steps in revamping the company financially.

 

Square Enix is one of the biggest Japanese game developers and publishers, thanks in part to the hugely popular and groundbreaking role-playing video game series Final Fantasy. The company has plans to re-release Final Fantasy X and Final Fantasy X-2 for the PlayStation 3‘s PlayStation Network and continue with the release of Lightning Returns: Final Fantasy XIII.

 

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