News Article

Yoichi Wada Exits Square Enix Following 'Extraordinary Loss'

Posted by Sammy Barker

Final Fantasy maker down on its luck

John Riccitiello is not the only high-profile video game executive to be heading for the exit door, as Square Enix gaffer Yoichi Wada has been ousted from the company following a dire financial forecast for its current fiscal year. The outgoing boss had been in the job since 2000, but he’ll now be replaced by former company president Yosuke Matsuda in June.

The change in leadership is just one of many that the Japanese publisher plans to implement over the coming months, as it reorganises its management team and restructures its business operations. “The company has decided to implement major reforms and restructuring in its development policy, organisational structure, some business models, and others,” it said in a statement.

As a result of the process, the company has revised its earnings forecast for the current fiscal year ending 31st March. While it primarily blamed sluggish sales in North America and Europe, it confirmed that the restructuring initiative will cost the firm ¥10 billion ($106 million). It now expects to record an incredible ¥13 billion ($138 million) net loss for the business year, as opposed to the ¥3.5 billion ($37 million) net profit originally predicted. Ouch.

Fans have been calling for Wada’s head for a while, citing the executive as one of the primary reasons for the company’s lack of direction. Ironically, Square Enix’s biggest successes in recent years have come from its acquired western arm, Eidos – a deal that the under fire executive helped to broker back in 2009.

[via hd.square-enix.com, hd.square-enix.com, eurogamer.net, vg247.com, computerandvideogames.com, polygon.com]

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User Comments (17)

ShogunRokAdmin

#4

ShogunRok said:

Wow with Wada gone I'm guessing there are numerous fans partying out on the street right now.

naruball

#6

naruball said:

Not sure what's so bad about this guy, but the internet suggests that he's the worst thing since the success of casual games and COD. Here's hoping they're partly right and something good comes out of this.

FullbringIchigo

#7

FullbringIchigo said:

"sluggish sales in North America and Europe"

maybe if you released games like Type 0 and Bravely Default over here the game we actually want the sales wouldn't be so sluggish

maybe now thing's will pick up and we will get these games and maybe they will get there thumbs out of their a** and finish VsXIII or XV whatever they are calling it now

and KINGDOM HEARTS 3!!!

Gemuarto

#8

Gemuarto said:

Does anebody remember first 10 minutes of Ace Ventura: When Nature Calls?

ThreadShadow

#11

ThreadShadow said:

But this is the guy who created all the Dragon Quest games. Now Dragon Quest will suffer the same fate as FF after Sakaguchi left, right?

Gemuarto

#12

Gemuarto said:

@ThreadShadow read wikipedia, this guy came to Square in 2000 from Ministry of Foreign Affairs. And practically destroyed everything that was precious about this company.He has nothing to do with Dragon Quest. I doubt he knows what video games are.

ShogunRokAdmin

#14

ShogunRok said:

While most will acknowledge Wada was a problem, we still have to realise him leaving won't miraculously fix everything. There's been a lot of mismanagement within Square Enix for years now, and many of employees responsible for a lot of the problems are still working there. That includes numerous members of development teams, game directors, and marketing staff.

A lot of people would say Square Enix need to restructure the company to ensure it gets back on top at this point.

Gamer83

#15

Gamer83 said:

I'm not counting on it but hopefully this company figures things out. Acquiring Eidos was one of the best moves SE has ever made but games from the Japanese branch have been pretty disappointing. A new generation of consoles and new leadership may be just what it needs though.

ThreadShadow

#17

ThreadShadow said:

@Gemuarto

Wow, my mistake...I got him confused with Yuji Horii. For some reason I thought Yuji Horii was the head of SE. Thanks for the correction.

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