EA CEO John Riccitiello Resigns [Updated: Full Resignation Letter]

Electronic Arts CEO John Riccitiello will step down from his role on March 30. Executive Chairman and former CEO Larry Probst will take his place until the Redwood City, California-based company finds a replacement.

“We appreciate John’s leadership and the many important strategic initiatives he has driven for the Company,” said Probst in a prepared statement, “We have mutually agreed that this is the right time for a leadership transition.”

“This is a tough decision, but it all comes down to accountability,” Riccitiello wrote in his resignation letter via an SEC Filing. “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.”

“We have built many great franchises that will serve the company well in FY14 and beyond. In particular, I am confident that the investments we have made in games for next-generation consoles will put EA in a strong leadership position for many years ahead.”

Riccitiello joined EA in 2007, and was responsible for shifting the company’s focus from packaged content to digital content delivery.

EA posted a $45 million net loss for its third fiscal quarter, ending Dec. 31, 2012, a significant improvement of the previous year’s $205 million net loss.

P4RC Inc. COO and Game Designer Kevin Dent reports via “internal sources,” that Riccitiello was fired from his position on Twitter. This has not been reported elsewhere, and as such should be taken as a rumor for now. We will update the story if needed.

Riccitiello’s full resignation letter is below:

March 17, 2013

Mr. Larry Probst

Chairman Electronic Arts

Dear Larry,

I hereby offer my resignation as CEO of Electronic Arts effective with the end of our Fiscal Year 13 on March 30, 2013.

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.

I have been at the helm as EA’s CEO for six years and served as COO for nearly seven years starting in 1997. I know this company well, and I care deeply about its future success. I leave knowing EA is a great company, with an enormously talented group of leaders and the strongest slate of games in the industry. I could not be more proud of our company’s games, from Battlefield and FIFA, to The Simpsons: Tapped Out and Real Racing 3. We have built many great franchises that will serve the company well in FY14 and beyond. In particular, I am confident that the investments we have made in games for next-generation consoles will put EA in a strong leadership position for many years ahead.

In offering my resignation, my goal is to allow the talented leaders at EA a clean start on FY14. I look forward to working with you in the coming weeks on an effective leadership transition. I’m extremely honored to have led this company and proud to have worked with all the great people at Electronic Arts.

Sincerely,

/s/ John Riccitiello

John Riccitiello

Via: Polygon

Source: EA, SEC Filing, Twitter