Square Enix CEO, Yoichi Wada, has resigned.

News coming in reveals that Square Enix is set to post an “extraordinary loss” this quarter. Yosuke Matsuda is the new CEO of Square Enix.

“Announcement of Revisions to Consolidated Results Forecasts and Expected Extraordinary Loss” and paints a grim image of the publisher’s performance across the current financial year,” their statement read.

“The Company forecasts that actual business results from its Digital Entertainment Segment substantially fall below its plan primarily due to slow sales of major console game titles in North American and European markets.

“The Company is also experiencing sluggish performance of its arcade machine business. In addition to these factors, the Company expects to incur extraordinary loss about loss from restructuring in the settlement of the account for its fiscal year ending March 31, 2013.”

Reason given for the resignation was to “make way for management reform.” Their official financial statements are pretty grim too. The announcement of the representative directors changing can be found here.

Matsuda joined Square Enix back in 2001 as senior vice president. It looks like a temporary placement at this stage but that’s yet to be confirmed.

Square Enix have been performing poorly for quite a few years now, with Final Fantasy XIV draining the company’s resources, and games like Versus XIII never seeing the light of day.

The restructuring process will cause a loss of $100 million, it has been revealed via their official statements. The company has over $1 billion in cash reserves so they can still bounce back from the state they find themselves in.

A new Final Fantasy game is set to be announced at E3 this year.