Square Enix has announced that company president Yoichi Wada will be stepping down from his role in the company as of late June 2013. The announcement document notes that Yosuke Matsuda, who has been with Square in a number of different executive positions since 2001, will be taking Wada's place as president.

What is interesting is that this coincides with Square announcing a revision to the financial report they gave in October 2012, which drastically reduces the expected income for the financial year. In short, while they originally expected to make a reasonable sum of money (37 Million US), they will now be losing an incredibly large sum of money (138 Million US). In their explanation, Square says that the revised income statement is a result of 'slow sales of major console game titles in North American and European markets' and that they are undergoing 'major reforms and restructuring in its development policy, organizational structure, some business models, and others', which they expect to cost them roughly 106 Million US.

There has been no comment from Square as to whether this financial situation has anything to do with the leadership change, but you can feel free to speculate on that in the comments.