Yoichi Wada is to step down as CEO of Square Enix after the publisher announced it expects "extraordinary loss" for this fiscal year.

Wada has held the position of CEO since the merger between Square Co. and the Enix Corporation in 2003. Current representative director Yosuke Matsuda will take over as CEO, but the decision must be approved at the publisher's general meeting of shareholders in June, and then by its board of directors in a meeting to follow.

Earlier today Square Enix told investors to expect an "extraordinary loss" for the current fiscal year which ends March 31, 2013. The publisher has lowered its previous forecast of ¥3.5 billion ($37m/£24m) net income by a staggering ¥16.5 billion to a net loss of ¥13 billion ($138m/£91m).

The dramatic change in income has been attributed to "slow sales of major console game titles in North America and European markets".

Whilst specific titles weren't mentioned, the major games to arrive in stores since the publisher's October 30, 2012 forecast were Hitman: Absolution and Tomb Raider.

¥10 billion has been attributed to costs associated with restructuring, whilst "sluggish performance of its arcade machine business" hasn't helped matters.

Source: Square Enix press release