Sakaguchi, CEO, and Company director to resign from Square      - 2.08.01

Square has announced that its company CEO Tomoyuki Takechi, representative Vice President Hironobu Sakaguchi, and Company director Naoji Hiramatsu, will be resigning their positions as of today- 2/8/01.

Square CEO Takechi's resignation comes due to Square going in deficit with zero dividend this fiscal year, for the first time since their opening to the stock market.

To feint the Board member meeting & the executive board committee and to strengthen the structure in company administration, Square's board of executives will now be consisted of one(1) CEO, one(1) CFO, and a number of outside board members. Due to this transition, Sakaguchi and Hiramatsu have been decided to resign.



According to Bloomburg Japan, the shift in company administration will focus on changing the high-cost development centered in the Final Fantasy series, by diffusing the authority held by Square's president, Hisashi Suzuki. Suzuki's salary will also be reduced to half, respectedly.




All three executives will still remain in Square by different positions. Takechi will remain as a contracting consultant, Hiramatsu as an administration executive, and Sakaguchi no longer as a business administrator of Square but an "executive producer" of their products, under an exclusive contract.

For more details and Square's press release, check Square's site at
http://web.square.co.jp/

Copyright Square, 2001