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March 19, 2013 12:08 am GMT
EA’s CEO John Riccitiello has just submitted his letter of resignation to the company’s board. He’s stepping down on March 30 and Larry Probst is stepping in as Executive Chairman. Probst will lead the hunt for a permanent CEO. The company announced the changes shortly after markets closed in New York and EA’s shares are up 2.1 percent in after-hours trading. He said in a personal statement from the company that he’s resigning over EA’s poor financial performance this quarter. The company suffered a big black eye over the last few weeks with the botched launch of Sim City, which left paying fans frustrated over the performance of the game. “My decision to leave EA is really all about my accountability for the shortcomings in our financial results this year,” he said. “It currently looks like we will come in at the low end of, or slightly below, the financial guidance we issued to the Street, and we have fallen short of the internal operating plan we set one year ago. And for that, I am 100 percent accountable.” EA said in the release announcing his resignation that its revenues and earnings per share for the current quarter will be at the “low end” of the guidance it gave last month. The company said its net revenue would come in this quarter at between $1.115 to $1.215 billion. Riccitiello has led EA since 2007 and through a dramatic transformation in the industry as the gaming world has moved from selling expensive console games on the shelves of big-box retailers to one in which mobile phones and tablets are fast-becoming a platform of choice for many developers. He was president and chief operating officer from 1997 to 2004, then left EA to co-found and lead Elevation Partners until he was later rehired by the company. Electronic Arts Announces Change in Executive Leadership Larry Probst Appointed Executive Chairman, Effective Immediately Company Updates 2013 Fiscal Outlook REDWOOD CITY, Calif. March 18, 2013 Electronic Arts Inc. (NASDAQ: EA) today announced that John Riccitiello will step down as Chief Executive Officer and as a member of the Board of Directors, effective March 30. The Board has appointed Larry Probst as Executive Chairman to ensure a smooth transition and to lead EAs executive team while the Board conducts a search for a permanent CEO. The Board will consider internal and external candidates with the
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/UapqfelFjsY/
EA CEO John Riccitiello Steps Down Over Shortcomings In Financial Performance
EA’s CEO John Riccitiello has just submitted his letter of resignation to the company’s board. He’s stepping down on March 30 and Larry Probst is stepping in as Executive Chairman. Probst will lead the hunt for a permanent CEO. The company announced the changes shortly after markets closed in New York and EA’s shares are up 2.1 percent in after-hours trading. He said in a personal statement from the company that he’s resigning over EA’s poor financial performance this quarter. The company suffered a big black eye over the last few weeks with the botched launch of Sim City, which left paying fans frustrated over the performance of the game. “My decision to leave EA is really all about my accountability for the shortcomings in our financial results this year,” he said. “It currently looks like we will come in at the low end of, or slightly below, the financial guidance we issued to the Street, and we have fallen short of the internal operating plan we set one year ago. And for that, I am 100 percent accountable.” EA said in the release announcing his resignation that its revenues and earnings per share for the current quarter will be at the “low end” of the guidance it gave last month. The company said its net revenue would come in this quarter at between $1.115 to $1.215 billion. Riccitiello has led EA since 2007 and through a dramatic transformation in the industry as the gaming world has moved from selling expensive console games on the shelves of big-box retailers to one in which mobile phones and tablets are fast-becoming a platform of choice for many developers. He was president and chief operating officer from 1997 to 2004, then left EA to co-found and lead Elevation Partners until he was later rehired by the company. Electronic Arts Announces Change in Executive Leadership Larry Probst Appointed Executive Chairman, Effective Immediately Company Updates 2013 Fiscal Outlook REDWOOD CITY, Calif. March 18, 2013 Electronic Arts Inc. (NASDAQ: EA) today announced that John Riccitiello will step down as Chief Executive Officer and as a member of the Board of Directors, effective March 30. The Board has appointed Larry Probst as Executive Chairman to ensure a smooth transition and to lead EAs executive team while the Board conducts a search for a permanent CEO. The Board will consider internal and external candidates with theOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/UapqfelFjsY/
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