Square-Enix President Yoichi Wada has stepped down today. This is following the company’s revised financial forcast which expects “extraordinary losses” for the current financial year.

Yosuke Matsuda is expected to replace Wada later this year, although this is subject to change and will be decided “late June 2013”. This is according to Square-Enix’s financial revision document, available here.

Hopefully Square-Enix will be able to remedy their money woes within the next 12 months. Whoever replaces Wada will be sure to have a difficult task ahead of them.