In a letter to investors, Nippon Ichi President Tomohiro Sato has announced his resignation from the company, effective March 31st, for what Sato calls “personal reasons”.
Nippon Ichi Software recently posted a 97% loss in operating income for the nine month period ending on January 2009 in comparison to the same period in 2008 in Japan, which sent the company’s stock price into freefall on the JASDAQ stock exchange.
The stock price which closed at ¥36,200 ($394.54) per share on February 5th, fell to a ¥7,000 drop ($78) on the 8th as the market reacted to the news by selling off the stock. The subsequent 20% drop in the stock price in turn forced the exchange to freeze the price before it could fall further and endanger the already fragile financial state of the developer.
The game developer and publisher’s US branch recently announced its intention to license and distribute anime in the US later this year beginning with Toradora! Pandora Hearts, Persona -trinity soul- andOur Home’s Fox Deity (Wagaya no Oinarisama). The resignation is not expected to affect those plans.
Update: Tomihiro Sato is the current head of sales and marketing for NIS Japan and is the person resigning in the letter sent to investors, while the current president and sometimes producer Sohei Shinkawa will not be stepping down. Apologies for the confusion.