Yoichi Wada is stepping down from his duties as CEO and president of Square Enix. This comes after the company revised its fiscal estimates for the fiscal year down roughly $175 million.

Wada had held the position of CEO since Square Co. and the Enix Corporation merged in 2003. It is expected that Wada will be replaced by current representative director Yosuke Matsuda, with the decision finalized at a general meeting of shareholders in June 2013.