Yoichi Wada is to step down as CEO of Square Enix, following an investor report which predicted “extraordinary losses”.

Yosuke Matsuda will take over as President from his current position as a Representative Director, subject to shareholder approval.

This news comes after a prediction that the company will lose 13.5 billion yen (around $143.2 million) from the 2012 financial year. Square lists this change of position as “Renewal of the Company’s management team“.

While this is clearly a big loss for Square Enix, be careful about confusing the term “extraordinary” with “large”- it actually means an abnormal period of loss in the business sense, rather than just being huge.

“The company forecasts that actual business results from its Digital Entertainment Segment substantially fall below its plan primarily due to slow sales of major console game titles in North American and European markets,” the company said today.

This will likely be a popular proposition for many of the company’s old-school fans, who have not been happy with the output of the company in Wada’s reign.