Square Enix announced they’re replacing company president Yosuke Matsuda with another top brass, news confirmed not long after they shuttered an internal studio.

The decision to replace Matsuda will be made at the 43rd Annual Shadeholder’s Meeting for the company, which is scheduled for June 2023.

Square Enix’s reasoning for the change up in leadership is apparently the “rapid change of business environment” in the entertainment industry.

“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 everevolving 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 company said.

Matsuda has been president for Square Enix for nearly ten years, although it wasn’t until recently he got quite outspoken on the games industry and the future focus of Square Enix.