Square Suffers Losses & Corporate Restructuring

In the wake of costly delays in development of the Play Online network, and the cost of building an entire studio in Hawaii just to create the expensive Final Fantasy movie, Squaresoft has posted its first ever loss, to be officially announced at the end of their first financial quarter in March. To take responsibility for the loss, three Squaresoft executives have voluntarily demoted themselves to lower ranking positions in the company. Company president Tomoyuki Takechi has stepped down and will now serves as a contractual consultant. CEO Masahi Hiramatsu will drop to executive director, and Final Fantasy creator Hironobu Sakaguchi will change from the corporate vice president to a game-centered title of executive producer.

Source: Video-Senki