By Theophilus Fox / March 18th, 2013
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.
EAElectronic ArtsJohn Riccitiello