Square Enix CEO steps away as company posts horrible financials

Yoichi Wada has stepped away as the CEO of Square Enix ahead of another disappointing year of financials from the publisher.  The company which has seen critical success with its AAA titles in recent months, apparently hasn’t been able to capitalize on these great games.  As a result, Square Enix will see a massive restructuring effort in attempt to right the ship.

Despite being received well by games media, their recent successes like Tomb Raider, Sleeping Dogs, and Hitman: Absolution had sales that were lower than expected.  These misses have forced the company’s hand in a costly restructuring effort that will translate the company’s projected profits into a massive $138 million dollar loss.

Wada has been the head of Square Enix since 2000, the new head of the company will be officially announced in June.  2012 and 2013 have showed a lot of promise from a gamer’s standpoint.  The returns of Agent 47 and Lara Croft showed that there is still a lot of good ideas in the company’s portfolio.  We’ll have to wait and see if these restructuring efforts will have any impact on games that are currently in development.