Square Enix proposes replacement of company president Yosuke Matsuda

Square Enix has proposed to shareholders that company president Yosuke Matsuda should be replaced with a candidate who has experience in blockchain technology.

The plans were announced today (March 3) through a letter issued to shareholders. While the move requires shareholder approval before it can proceed, Square Enix intends to replace Matsuda with Takashi Kiryu, who joined the company in 2020.

Prior to joining Square Enix, Kiryu was the general manager of Dentsu Innovation Initiative (via VGC). Dentsu works to “future-proof” businesses and has made a number of investments in blockchain, NFT technology and metaverse concepts.

In its letter to shareholders, Square Enix points to “ever-evolving” technology as the reason behind Matsuda’s replacement.

“Under the rapid change of business environment surrounding the entertainment industry, the proposed change is intended to reshape the management team with the goal of adopting ever-evolving technological innovations and maximizing on the creativity of the company’s group in order to deliver even greater entertainment to its customers around the world,” the letter reads.

The change won’t be immediate, as the company will need the approval of shareholders who are scheduled to meet in June 2023.

Back in January, Square Enix revealed it will be “most focused” on blockchain entertainment this year. At the time, Matsuda said the company has “multiple blockchain games based on original IPs under development.”

The first of these, a turn-based blockchain strategy named Symbiogenesis, was revealed last month.

A “unique” Web3 experience with 10,000 pieces of collectible digital art, only one of the game’s players will be chosen to participate in a “World Mission” to determine how Symbiogenesis ends.

While Square Enix continues to double down on NFT investment, an industry-wide report published this year revealed that 70 per cent of developers have no interest in the technology.

In other Square Enix news, yesterday (March 2) former employee and Sonic The Hedgehog co-creator Yuji Naka admitted to committing insider trading with several of the company’s games.