I’ve been keeping an eye on the developments about Square Enix’s CEO resigning and the subsequent fallout over loss of sales/profits.
Square Enix President and CEO Yoichi Wada is resigning, according to a recent statement from the company.
Wada will be replaced by current representative director Yosuke Matsuda, making this one of the company’s first major steps toward “management reform.” The decision will be subject to a resolution during the company’s general meeting of shareholders this June, then later by a resolution from its board of directors.
This follows the publisher’s release of consolidated results forecast which revealed its expectations of an “extraordinary loss” in the fiscal year ending March 31, 2013. Square Enix announced today its plans to begin major restructuring throughout, which is expected to result in a loss of roughly 10 billion yen (or just over $105 million) for the fiscal year ending March 31, 2013.
Polygon has contacted Square Enix and will update this post when further information is made available.
Not too surprised with this; however, I would’ve expected to it have come sooner after the failure of FFXIV. And how he ousted Suzuki and Sakaguchi in order to be in charge (yes, I am aware that cut throat and ruthless people need to be in order to get anywhere.)
As of today (3rd April 2013) there have been announcements of restructuring and portfolios being sold off, so far the F2P portfolio has been sold off to Sleepy Giant.
copy&pasta from a forum member that basically sums up the flaws from SE:
I mean… poor game sales were Square Enix’s fault.
- They gave us XIII which was kinda shitty.
- They gave us XIII-2 which wasn’t deserved and nobody wanted.
- They’re giving us XIII-3, which I’m sure even less people want.
- They gave us XIV 1.0 which failed hard.
- They didn’t give us Versus-XIII.
- They didn’t give us Kingdom Hearts III.
- They didn’t give us remakes of games we’re still waiting for (VI, VII).
- They’ve had nothing to show in recent years at shows except that one tech demo nobody cares about.
The only decent thing I can think of that can really help them is the new Tomb Raider that just came out, but I haven’t gotten around to playing it yet.
Oh yeah, Hitman and Sleeping Dogs were good I guess, but they didn’t make them. X/X-2 HD will be nice, but that isn’t now.
So yeah, to me its no surprise that SE is in deep shit. They’ve had a really crappy decade.
The above and adding in with all honesty SE’s Marketing fails. I mean there is apparently a new good tomb raider game out, but I have not seen one commercial (TV/Magazine or something else) here yet in Europe, or anywhere. While I am getting bombed with commercials about other games from other companies. (I didn’t buy the new Tomb raider game, since I basically am not even getting bombed with commercial to buy it, I even didn’t know that it came out). Meanwhile at Konami, they had a graffiti advertisement for Metal Gear Revengeance (at some point I’ll upload the photo I took of it) and the new trailer for Metal Gear Solid 5
(also to note I totally ❤ the trailer’s use of the band Garbage)
Go figure the Social Media Team got hit the hardest, can’t say I didn’t see that coming.
Sorry, I am basically having to shoehorn this video from June 2012 that basically sums up a lot of the problems that have been the problem for Square Enix (contains a lot of swearing though, but he does have a point)