SquareSoft president steps down
Hisashi Suzuki steps down after SquareSoft announces its worst loss ever. The company looks to restructure.
SquareSoft has announced that its president and CEO, Hisashi Suzuki, will resign on his own accord following the report of the company's worst half-fiscal-year loss ever. Current COO Yuichi Wada will replace Suzuki on December 1, but he will remain as the company's chairman. SquareSoft reported a loss of 13.28 billion yen (about $107 million) for the six fiscal months ended September 30, and it expects a fiscal year loss of 17.70 billion yen (about $143 million), after a profit of 700 million yen a year ago.
Under Wada, SquareSoft said that it will initiate a restructuring of its business plan in the face of a rapidly changing video game market. Much of its losses can be attributed to the less-than-stellar performance of the Final Fantasy film, which grossed a little more than $30 million worldwide, well short of the expected $90 million revenue goal.
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