Square Enix was revising their forecast for this fiscal year and noticed that things weren’t going quite as they had hoped.
Previously, Square Enix had a profits forecast of 3.5 billion yen. Unfortuneatly that number has now gone in opposite direction. By a lot. The estimated loss is 13 billion yen (or $137.9 million).
As a result of this, Square Enix President Yoichi Wada has announced that he will be stepping down as part of major reform and restructuring in the company. This restructoring will cost the company 10 billion yen, which is why their profits are now a loss for this year. This will include a disposal of content and evaluation of other content, each costing 4 billion yen.
Yosuke Matsuda will assume the presidential role while a shareholder meeting in late June decides who will take the helm.