Square Enix has shed its president and announced an "extraordinary loss" for this financial year.

Slow sales of its console games in the West are to blame, Square Enix said in a statement to investors today.

Outgoing boss Yoichi Wada had been in the job since 2000. He's been replaced by Yosuke Matsuda, formerly company president. Square Enix has made no mention of a new role for Wada.

Profit forecasts have been slashed in the wake of plans for "major reforms and restructuring" at the company - an effort that will cost 10 billion yen (£69.87 million).

Wada you mean I'm fired?

Although console game sales are the cause for the company restructure, it's the reforms themselves which will plunge Square Enix so far into the red this year.

The company expected to make 3.5 billion yen (£24.4m) profit, but will now make a 13 billion yen (£90m) loss.

Major titles released in the past financial year include Sleeping Dogs, Hitman: Absolution and the just-released Tomb Raider reboot.

Square Enix's future is currently looking very Final Fantasy heavy. Upcoming titles include Lightning Returns: Final Fantasy 13, Final Fantasy 10 and 10-2 HD and the relaunch of failed MMO Final Fantasy 14: A Realm Reborn. There's the mysterious (vapourware) Final Fantasy Versus 13 project, too.

The company will also publish Eidos Montreal's new Thief title, although that game's vague 2014 release date may mean it misses the next financial year.

Eurogamer has asked Square Enix for comment on the reports. We'll update when we hear back.