Square president Yoichi Wada resigns following financial revision

Square Enix president Yoichi Wada has resigned from his post following the company's revised financial forecast, published earlier today. Representative director Yosuke Matsuda is expected to be elected into the role following the company's next meeting in June this year.

Wada's resignation was posted as part of the Square Enix financial revision document. You can read it in full here and play catch up on the company's grim financial revision here.

The report states:

"Square-Enix Holding Co Ltd. (the Company) expects that the Company’s representative directors will change. Such change is subject to a resolution by its 33rd annual
general meeting of shareholders to be held in late June, 2013, and a resolution by its board of directors meeting to be held after the said meeting of shareholders."

The document adds that the decision of the June election will be made public around "late June, 2013".

What do you make of the above?