The seeds that we have planted have by chance, or by necessity, all worked in synch negatively resulting in a huge loss for FY2013.
Consequently, we are currently planning some fundamental management reforms.
Since Square and Enix merged and formed Square Enix, our board of directors has remained unchanged. It is now time for us to refresh the management team. The Articles of Incorporation of the company specify a director’s term to be one year. Therefore, every director will end their term at the annual general meeting of shareholders in June. In the past, directors have been repeatedly reappointed at the shareholder’s meeting, however as for me, Yoichi Wada, I will no longer be reappointed. I will not be a director candidate, which automatically means that I will no longer be the President following the annual general meeting of shareholders. Chairman of the Board Wada cannot allow President Wada to continue after plunging the company into a huge loss. Therefore, I will step down from my current position in late June of this year.
In order to drastically transform the organization, I have named Yosuke Matsuda as my successor. From this time forward, Matsuda will take on reform initiatives, however since this was decided at such short notice, we are not in a position to present full details on new board members and future business plans. Matsuda will begin reviews on these issues immediately.
As we also face fundamental restructuring in Europe, Matsuda proposed to include Phil Rogers (CEO, Square Enix Europe) as a board candidate, in which I am in full agreement.
Matsuda will immediately begin to select director candidates for the new board, which will be centered around Matsuda himself and Phil Rogers. Obviously, what I have been sharing is based on the assumption that nominated board member candidates will be elected by resolutions at the Shareholder’s Meeting in June.