14 DAY TRIAL // Electronic Arts CEO John Riccitiello announced yesterday he was stepping down from his position and has just revealed that the decision was taken after the company's lower-than-expected financial results and due to his desire to usher in a new leader right on the start of the 2014 financial year.
EA is one of the biggest video games publishers out there, owning a wide array of franchises as well as a huge number of studios from all around the world.
For many years its CEO, John Riccitiello has been an advocate for the games industry and for innovation, pushing the internal EA studios to create not just big sequels but also new experiences.
Now, after a few rough launches, including the most recent SimCity one, Riccitiello announced that he's stepping down from his position as CEO.
According to his letter of resignation directed to Executive Chairman and former CEO Larry Probst, via AGB, Riccitiello emphasizes his accountability for EA's lower-than-expected results.
"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 emphasized Riccitiello's role in the growth of EA as a whole and highlighted how he paved the way for the company's success in digital distribution.
"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," Probst said.
Probst will act as temporary CEO until a new person is appointed, whether from inside Electronic Arts or from the outside.