Yoichi Wada is stepping down from Square Enix.
Wada will leave his position as president and representative director “subject to a resolution” at the shareholder meeting in June. He will be replaced by former company director and CFO Yosuke Matsuda.
The news comes the same day the company announced a major restructuring during “the rapidly changing environment of the game businesses.” Square Enix expects the restructuring to incur a $106 million loss.
The main cause of the changes are “weak sales” of bigger titles, including Sleeping Dogs, Hitman: Absolution and Tomb Raider. The first title is expected to sell about 1.75 million units, while Hitman is expected to move 3.6 million. Tomb Raider, which is a solid title, is expected to move 3.4 million. This raises the question of what unrealistic expectations were sought for these game sales.
“Despite the high critical acclaim, [the games listed] failed to meet each target,” the investor statement read. “In particular, North America sales force was ineffective, ending up with 2/3 of number of units sold in Europe.”