To Chairman of the Board…
This past spring, former Square Enix Representative Director Yoichi Wada was asked to step down from his position due to “a management reorganization” and sale losses. Well, it looks like he has been demoted to Chairman of the Board for Square Enix, instead.
When Wada stepped down, it was mentioned that he would not be reappointed to the Board of Directors. He even took a 60 percent pay cut.
As of June, Wada was named Chairman of the Board for Square Enix Co., Ltd., listed as “incumbent.” Seems like he is pretty much reappointed. What for? Wada was over FFXI and FFXIV and Square Enix saw a devastating drop in revenue during that time. So what makes Wada so valuable?
On 2ch, Japan’s largest internet forum, people couldn’t understand why Square Enix reappointed Wada. One commenter, however, pointed out that in Japanese companies, a demoted president is often moved into another powerful position, before leaving entirely.
I wonder what Square Enix has planned for Wada while he is still there. Time will only tell. Any thoughts on why you think Square Enix, or Japanese companies in general, did/do this? I’m thinking it’s a more dignified way of being fired, but what do I know?
