Square Enix President and CEO Yoichi Wada is resigning, according to a recent statement from the company.

Wada will be replaced by current representative director Yosuke Matsuda, making this one of the company's first major steps toward "management reform." The decision will be subject to a resolution during the company's general meeting of shareholders this June, then later by a resolution from its board of directors.

This follows the publisher's release of consolidated results forecast which revealed its expectations of an "extraordinary loss" in the fiscal year ending March 31, 2013. Square Enix announced today its plans to begin major restructuring throughout, which is expected to result in a loss of roughly 10 billion yen (or just over $105 million) for the fiscal year ending March 31, 2013.

Polygon has contacted Square Enix and will update this post when further information is made available.

Update: Square Enix has announced Phil Rogers will be nominated as a director candidate. This will be subject to resolutions held by the company's annual general meeting of shareholders in late June of this year. Rogers was previously CEO of Eidos, which was purchased by Square Enix in 2009.

Yosuke Matsuda will also be selecting additional board members.