Square Enix CEO resigns as company announces it expects “extraordinary loss”

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By on March 27, 2013 at 8:45 am

For a company which has published so many well-received games including Deus Ex: Human Revolution, Sleeping Dogs and Tomb Raider, Square Enix is apparently in pretty dire financial straits.

Expecting to make a tidy 3.5 billion yen profit by the end of March this year, the company is instead facing a massive loss of 13 billion yen ($131 million AUD). According to their consolidated results report, this is “primarily due to slow sales of major console game titles in North American and European markets”.

CEO Yoichi Wada has tendered his resignation in the wake of the report, taking responsibility for the failure in a manner similar to that of EA’s John Riccitiello, who resigned earlier this month.

Source: Polygon

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8 comments (Leave your own)

That’s a shame cause HItman, Deus Ex: HR, Tomb Raider and Sleeping Dogs have all been pretty solid games. Hitman and DX:HR while not as great and their preprocessors feel like them at their core.

 

Damnit! Hope they can stay afloat, they have become the one of best PC publishers around, going the extra mile with their last few PC Ports, this sucks.

 

=| all the major companies are going under

 

Would hate to see them go under, as said above, they go the extra mile for PC gamers and they have been releasing some great games.

 

But did he actually do anything wrong? I don’t get this idea that if you don’t make a profit you need to quit. They may have been the best CEO of all time but the stars didn’t align for that year for no particular reason resulting in a once off loss. Surely there’s more to it.

 

Actually while the PC side has had a healthy offering, Squeenix banks on Final Fantasy A LOT. Since FFX they haven’t released a very good/popular FF game and it’s hurt their image and now their bottom line.

They did try a bit of EA douchery too with Supreme Commander 2, which they altered to target a slightly younger audience, in turn causing most of the players who liked the first game to drop it like a hot coal. Follow that up with poor support and it all get’s a bit avg pretty damn fast.

 

exe3:
But did he actually do anything wrong? I don’t get this idea that if you don’t make a profit you need to quit. They may have been the best CEO of all time but the stars didn’t align for that year for no particular reason resulting in a once off loss. Surely there’s more to it.

That’s why you get paid so well at the top. There’s no passing the buck – you are personally responsible for everything. You get to spend 12-18 hours a day making decisions that no one else will make, and take 100% of the responsibility. I’d never take a CEO position, not even for the outrageous salary – I value my life and sanity too much.

Surely most of those games have sold enough units to at least be close to paying their own budget…. where the hell did they sink $100 million? Surely not just FF cinematics?

 

The reason Final Fantasy is titled as such is because it was going to be THE final (fantasy) game from them before they were swallowed by their creditors. The irony that it was FF that dug a grave for the company stings like dettol on an open wound.

They are a good company I would miss greatly if things do not improve…

 
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