EA CEO John Riccitiello Resigns

Electronic Art's Chief Executive Officer John Riccitiello will step down at the end of the month, according to a release EA sent to investors Monday afternoon.

Riccitiello will also leave his post on the board of directors March 30. The board has promoted Larry Probst to executive chairman while the company looks for a new CEO, the release said.

Riccitiello was the CEO of EA since 2007; before that, he was the company's chief operating officer from 1997 to 2004 before departing to found Elevation Partners.

The sudden departure may have to do with EA's current financial situation. The release said, "EA expects that its revenues and earnings per share for the current quarter will be at the low end of, or slightly below previously issued guidance provided in its press release dated January 30, 2013."