Square Enix explains former CEO's current role within company

Square Enix's three initiatives to reform HD business
Early this morning Square Enix clarified the role of former Chief Executive Officer Yoichi Wada within the company, after his name popped up as "Chairman" on company forms a couple of days ago – a surprising turn given Square's financial condition. A spokesperson explained The Square Enix Group's entire business and operations are managed and executed by Square Enix Holdings Co., Ltd, the parent company.

"Yoichi Wada has left the management of Square Enix Holdings Co., Ltd and no longer has any role in the parent company," the statement to Joystiq reads. "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."

Wada's current job title is Chairman for Square Enix Tokyo. He does not hold the right of representation for the company. The note concludes: "He has no authority in terms of the management of the Group."

Wada left the CEO position in March after the company's "extraordinary" loss; he was replaced by former company director and CFO Yosuke Matsuda.

This article was originally published on Joystiq.