In news that is sure to surprise no one hip to the company's recent financial woes, Square announced this morning that president and CEO Hisashi Suzuki will be stepping down as leader of the once-profitable game company. Current COO Yuichi Wada is set to fill Suzuki's shoes beginning December the 1st and is hoping to lead the company in a restructuring plan that will return it to profitability.
Square's monetary misery has been well documented of late, but one only needs to look at the spectacularly abysmal box office take of Final Fantasy: The Spirits Within to realize where a large chunk of the black ink went. The company reported a six-month loss of 13.28 billion ¥ (~$107 million) for the period ending September 30. Added to this, the company has a 17.7 billion ¥ (~143 million) loss to look forward to for the entire financial year. The company will likely pull out all the stops to halt the money hemorrhage, so expect more announcements from Square in the near future.