CEO of EA John Riccitiello To Step Down

Monday, March 18th, 2013

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By


John Riccitiello

Announced today by EA, as of March 30, Chief Executive Officer and Board of Directors member John Riccitiello will be stepping down. To quote a bit of his resignation letter “The progress EA has made on transitioning to digital games and services is something I’m extremely proud of. However, it currently looks like we will come in at the low end of, or slightly below, the financial guidance we issued in January, and we have fallen short of the internal operating plan we set one year ago.  EA’s shareholders and employees expect better and I am accountable for the miss.”

John Riccitiello will be replaced by Larry Probst, who will assume the day to day roles as Executive Chairman. Probst ran as CEO from 1991 to 2007 and served as Chairman of the Board since 1994.  EA however is still looking for a permanent CEO and that internal and external candidates are being considered.

Riccitiello will receive 24 months of salary continuation and continued vesting of unvested stock options until Nov. 30, 2013, with those options exercisable until Feb. 28, 2014 as part of his severance agreement. Writing on EA’s Beat Blog, Probst said Riccitiello’s tenure “has been marked by bold decisions, a big vision for online games, a passion for product quality and an enduring respect for the people who work here.”

Probst also wrote “Looking ahead, EA’s strategy and future are rock solid… Our business is built on more than a dozen powerful, globally recognized brands. We are clear leaders in the fastest growing category in games — mobile — and we are positioned to lead on the next generation of consoles. Most importantly we have deep reserves of talent — new faces and industry veterans who form the core of EA’s leadership. We have an important year ahead of us and I look forward to working with all of you as we navigate the path to future success!”

So there you have it. After many ups and downs, EA’s CEO steps down. One can say that EA’s recent choices could have led to this. But whatever the cost is, no one can deny some good, although over shadowed by the current bad. Seriously, great content did come from EA under his leadership

Let us know what you think below.

SOURCE

About Theophilus Fox

Former Volunteer- My name is Theophilus Fox, I've been a gamer since as long as I can remember, and I also enjoy manga and anime. I'm a Nintendo fan, although I do not discriminate between franchises. I'm a guy who just loves to make jokes and generally have a fun time.




  • Ace

    gg

  • smacd

    And nothing of value was lost.

    Someone had to take the blame for the Microtransaction debacle, the SimCity debacle, the repeated destruction of companies they bought and their IPs, and the image of EA being the most hated company in the US.

    Its just too bad the guy had a $1.7M golden parachute. Makes me want to be an evil CEO. I can force my workers to work in harsh conditions and treat all y’all like walking wallets that need to purchase our yearly release shovelware too. Might even be fun.

  • TwinTails

    And the company loses their biggest Nintendo fan, this proves that holding grudges against another company is relativity pointless in the business world.

  • Its a happy day! ^^

  • Goose

    AND THE GOLDEN AGE OF GAMING IS USHERED IN.

  • Does this mean we’ll stop seeing annual remakes of the same sports game, year after year, with only slightly better graphics, slight tweaks in gameplay, and slightly different names?

    No.

  • Groose

    Great. Someone who at least slightly cared about video games is going to be replaced by someone whose only concern is bottom line. Like it or not, at least Riccitiello made a few bold decisions to satisfy gamers. Now he’s stepping down because for as “evil” as EA had become under his oversight, it still wasn’t enough to please shareholders. So what’s next? Wait and see who the shareholders vote in…

    • smacd

      With any luck, whomever the replace him with finishes the job of sinking EA.

  • If only everyone EA would step down with no one to take their place.