EA CEO John Riccitiello Resigns
Posted by Andy Green
Decision made after poor financial results
Electronic Arts' John Riccitiello has handed in his letter of resignation and will be stepping down from his position as chief executive officer on 31st March 2013 after being in charge of the company for six years.
Larry Probst, who was the publisher's CEO from 1991 to 2007, will be the man in charge until the company can find a new big boss. He had the following to say about Riccitiello:
We thank John for his contributions to EA since he was appointed CEO in 2007, especially the passion, dedication and energy he brought to the company every single day. John has worked hard to lead the company through challenging transitions in our industry, and was instrumental in driving our very significant growth in digital revenues.
In a blog post on EA's website Riccitiello said:
My decision to leave EA is really all about my accountability for the shortcomings in our financial results this year. It currently looks like we will come in at the low end of, or slightly below, the financial guidance we issued to the Street, and we have fallen short of the internal operating plan we set one year ago. And for that, I am 100 percent accountable.
Riccitiello said in a statement shortly after he resigned:
EA is an outstanding company with creative and talented employees, and it has been an honor to serve as the Company's CEO. I am proud of what we have accomplished together, and after six years I feel it is the right time for me pass the baton and let new leadership take the Company into its next phase of innovation and growth. I remain very optimistic about EA's future — there is a world class team driving the Company's transition to the next generation of game consoles.
EA has not provided any explanation on Riccitiello's resignation. Its stock has risen 2.89 per cent as a result, which suggests investors are in favour of his departure.
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