Riccitiello to step down as EA CEO

Report: EA to lay off over 500 staff

John Riccitiello will leave his position at EA as CEO and member of the board of directors effective March 30th.

EA has appointed Larry Probst as executive chairman “to ensure a smooth transition and to lead EA’s executive team while the board conducts a search for a permanent CEO,” EA said in a note to investors.

“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.”

Riccitiello added: “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.”

The investor note added that “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.” EA will announce its fourth quarter and fiscal year 2013 results on May 7th.

You can read John Riccitiello’s resignation letter here.