Yoichi Wada will be stepping down from his position as representative director for Square Enix. Wada was the companies president and representative director since the merging of Square and Enix in April 1, 2003.
Replacing Yoichi Wada as representative director of Square Enix will be Yousuke Matsuda, who has been with Square since 2001.
The change will be coming into effect in late June of this year.
Wada’s demotion comes after a projected loss in Square Enix’s next financial statement.
According to a statement released by Square Enix, Wada has received a 60% pay cut in his salary in part of the companies poor performance. A long with other pay cuts, Matsuda will be getting a 40% pay cut with his promotion.
Yoichi Wada will not be re-appointed to Square Enix’s Board of Directors.
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