EA CEO Resigns Due to Financial Misses
March 18, 2013 6:50 PM
He has held himself accountable for falling short of the company's financial guidance
Electronic Arts' (EA) chief executive officer announced his resignation today due to
missed financial targets
EA CEO John Riccitiello has resigned after six years of service, which will be effective March 30, 2013. Riccitiello will also no longer be a member of the board of directors.
"This is a tough decision, but it all comes down to accountability," said Riccitiello in an internal memo. "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.
"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."
EA's board of directors has appointed EA executive Larry Probst to fill in as executive chairman until the company finds a permanent CEO. Probst was CEO of the company from 1991-2007 when Riccitiello stepped in.
"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," said Probst. "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."
Game publishers like EA have had a rough time in the financial department due to
digital sales becoming as increasingly popular
as box retail game sales -- and it doesn't help that EA recently had server issues with its largely popular release "SimCity."
"SimCity" launched earlier this month, and many servers crashed during the international release. EA announced that it would
add more servers
to help out the workload.
"We are going to continue to work with them to make sure they understand the reality of the Internet. A lot of these people don't have Ph.Ds, and they don't have a degree in computer science." -- RIM co-CEO Michael Lazaridis
Quick Note: EA Will Add More Servers for "Overworked" SimCity
March 7, 2013, 1:24 PM
EA Expects Digital Sales to Overtake Box Retail Game Sales in 2 to 3 Years
August 13, 2012, 9:50 AM
More Security Issues for Yahoo
February 16, 2017, 7:45 AM
Android Instant Tethering Only Works for Pixel and Nexus Handsets
February 13, 2017, 7:30 AM
WhatsUp with WhatsApp?
August 29, 2016, 5:23 AM
Fuchsia – Google’s New Open Source Operating System
August 17, 2016, 6:30 AM
Windows 10: End of an Era & A New Beginning
August 1, 2016, 9:59 AM
Free Windows 10 offer ends July 29th, 2016: 10 Reasons to Upgrade Immediately
July 22, 2016, 9:19 PM
Most Popular Articles
LG G6 – The Latest Flagship Smartphone by LG for 2017
February 14, 2017, 7:05 AM
New iMac and Release Date
February 4, 2017, 9:30 AM
Dubai announces passenger drone plans.
February 14, 2017, 7:56 AM
New Lima Ultra – Up to 7TBs of Free Personal Cloud
February 4, 2017, 7:40 AM
Seagate FireCuda – 2TB of Fast Gaming Solid State Hybrid Drive Storage
February 6, 2017, 8:24 AM
Latest Blog Posts
Here is how startups are helping new parents in raising children
Feb 20, 2017, 6:45 AM
Around the World
Feb 18, 2017, 5:48 AM
News of Future
Feb 17, 2017, 6:30 AM
Amazon parachutes May Float Packages to Customers
Feb 16, 2017, 8:00 AM
Now you Can Watch Facebook on Your TV
Feb 15, 2017, 7:42 AM
Feb 14, 2017, 5:36 AM
Razer Blade Stealth – Little Kaby Lake Powerhouse
Feb 13, 2017, 7:50 AM
Android 7.0 Nougat 7.0 Update Bring Less Battery Life for Samsung Galaxy S7 & S7 Edge
Feb 12, 2017, 7:45 AM
Apple iPhone 8 – OLED Display & Wireless Charging
Feb 11, 2017, 8:09 AM
Feb 10, 2017, 6:15 AM
Feb 9, 2017, 6:00 AM
Eye catching news
Feb 8, 2017, 6:16 AM
Some World News
Feb 7, 2017, 6:15 AM
Feb 6, 2017, 10:11 AM
Feb 5, 2017, 7:27 AM
Notes and News
Feb 4, 2017, 5:53 AM
Feb 3, 2017, 5:30 AM
Feb 2, 2017, 7:00 AM
News Around The World.
Feb 1, 2017, 7:20 AM
Jan 31, 2017, 7:57 AM
Tips of Today
Jan 30, 2017, 6:53 AM
More Blog Posts
Copyright 2017 DailyTech LLC. -
Terms, Conditions & Privacy Information