After the announcement of Square Enix’s net income loss of 13 billion yen, it was announced that Yosuke Matsuda will be replacing Yoichi Wada as the president of the company. Since then, there’s been many questions about what this means for Square Enix and what will become of Yoichi Wada.

In a recent Square Enix Holdings briefing session, the to-be president, Yosuke Matsuda, talked about his plans for the company:

“After having succeeded the important role as the president, I plan on reviewing all Square Enix duties, business and assets on a zero-based budgeting standpoint. Due to the radical change of environment, I’d like to fundamentally review what works and what doesn’t work for our company, then cast all of our resources towards extending what makes us successful and thoroughly squeezing out what doesn’t. As far as a concrete plan on what to expect from us, I will further explain it on another briefing session in the near future, so I kindly ask for your patience. Thank you for your support.”

Matsuda also mentions his plans to make Phil Rogers, CEO of Square Enix Europe, the new director of Square Enix Holdings. The two will act as the renovating pillars of Square Enix.

Former Square Enix president and representative director Yoichi Wada has expressed his confidence in the new president and stated that he is not concerned with the company’s management under Matsuda. Wada’s resignation as CEO of Square Enix will go into effect on June of 2013, but he will still be part of the company. Wada states:

“As an employee, I believe it is my duty to help the company and give proper results from it. I will be retiring from the line of management, but I plan to work on site as a way to pay my debt to the company.”

It has yet to be revealed as to what position Wada will take after his resignation takes effect in June. Meanwhile, Square Enix Los Angeles has been hit with lay-offs.