EA CEO John Riccitiello Resigns From Position For Shareholders

EA CEO John Riccitiello will resign his post as the head of one of the largest video game publishers in the world, the company has announced today.

Riccitiello has been CEO of the company since 2007, and will be replaced by Larry Probst, a long-time executive with EA, until a new CEO is appointed. In his internal memo to Probst published by the SEC, Riccitiello cited not meeting shareholders goals and expectations for the reason for his departure from the company.

"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. EA's shareholders and employees expect better and I am accountable for the miss."

Probst has also released a statement concerning the leadership change, praising Riccitiello for guiding the company through a transitional phase in the video game market.

"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."

With the layoffs the company has faced, it is not surprising that the company was looking to change personnel to try and boost profits. With the growth of Origin and the roster of blockbuster titles the company has, EA should be sitting atop the video game world, instead of downsizing and lowering expectations. We shall see if the next CEO of the company can guide the company to greater heights.

Thanks to: Gamespot