In an announcement made on March 18, CEO John Riccitiello will be leaving EA on March 30.
During this time, EA has appointed Larry Probst to “ensure a smooth transition” and to lead the company’s team while the board conducts a search for a new CEO, according to a note to investors.
“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,” said Probst. “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. We appreciate John’s leadership and the many important strategic initiatives he has driven for the company. We have mutually agreed that this is the right time for a leadership transition.”
Riccitiello added: “[Electronic Arts] is an outstanding company with creative and talented employees, and it has been an honor to serve as the company’s CEO.” He is proud of EA’s accomplishments, and after six years he feels it’s the right time to resign.
The investor note also mentioned that EA expects its revenues and earnings for the current corner will be towards to low end. EA will be announcing the fiscal year 2013 results on May 7.
"This is a tough decision, but it all comes down to accountability. 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," Riccitiello stated in his resignation letter.
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