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Former Square Enix CEO Yoichi Wada now Chairman of the Board (update)

Yoichi Wada, the former president and CEO of Square Enix who resigned in May, is now the company's chairman of the board, according to the company's official website.

The Japanese website lists Wada as Chairman of the Board, Square Enix Co., Ltd. as of June 2013. In the wake of Wada's resignation, a representative Square Enix told Polygon that representative director Yosuke Matsuda would be selecting additional board members.

Square Enix revealed Wada's resignation last month in a release that explained his decision as a process of "management reform" inside the company after a series of disappointing financial results. In February 2013, the company posted a $61 million loss for the three previous quarters ending Dec. 31, 2012. By March, it characterized its fiscal year forecast as an "extraordinary loss" and announced plans for restructuring.

Update: A representative for Square Enix has confirmed Wada's position. The company also provided the following statement regarding Wada's new relationship with the company, clarifying that he is Chariman of the Board for Square Enix's Tokyo division.

"The Square Enix Group's entire business and operations are managed and executed by Square Enix Holdings Co., Ltd (the parent company)," reads the statement. "Yoichi Wada has left the management of Square Enix Holdings Co., Ltd and no longer has any role in the parent company. Currently, he is overseeing a portion of the business within Square Enix Co., Ltd (Square Enix Tokyo), one of the subsidiaries of the parent company. These businesses include emerging markets as well as social and mobile businesses.

"His current job title is Chairman for Square Enix Tokyo, however, he does not hold the right of representation for the company. As stated above, he has no authority in terms of the management of the Group."

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