EA CEO John Riccitiello Stepping Down and Takes Full Blame for Shortcomings
EA CEO John Riccitiello has officially submitted his letter of resignation to the company and, in a truly classy move, doesn’t point any fingers on his way out.
Riccitiello assumed the CEO position about 5 years ago while the company was still trading at around the $60 mark; the following years since have seen the company’s share value plunge to well under $20. It seems he’s taking full blame for this downturn in revenue.
My decision to leave EA is really all about my accountability for the shortcomings in our financial results this year. 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.
Larry Probst, who was named Executive Chairman by the board of directors, will temporarily succeed Riccitiello until a new CEO can be hired. “We thank John for his contributions to EA since he was appointed CEO in 2007, especially the passion, dedication and energy he brought to the company every single day,” Probst said in a statement.
“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.” In other words, if this were medieval times, Mr. Riccitiello would be falling on his sword due to extreme public disgrace and a new king would be taking his place.
In his final statement he had nothing but good things to say about EA and the time he has spent there.
EA is an outstanding company with creative and talented employees, and it has been an honor to serve as the Company’s CEO. I am proud of what we have accomplished together, and after six years I feel it is the right time for me pass the baton and let new leadership take the Company into its next phase of innovation and growth, I remain very optimistic about EA’s future – there is a world class team driving the Company’s transition to the next generation of game consoles.
God speed Mr. Riccitiello and good luck in all of your future endeavors, from all of us at Segment Next!