Electronic Arts CEO John Riccitiello has stepped down after six years as the executive in charge of the struggling video game giant.
In his first comments upon announcing his departure, Riccitiello claimed his share of responsibility for the downswing EA has been forced to deal with in recent years.
“My decision to leave EA is really all about my accountability for the shortcomings in our financial results this year,” Riccitiello penned in an open letter. “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.”
Riccitiello’s formal exit will take place on March 30, just eight weeks after the company’s latest earnings disappointment. “The revenue shortfall was a result primarily of a miss with our Medal of Honor title and stronger-than-expected sector headwinds for console packaged goods,” Riccitiello said during the earnings call.
EA’s chairman and former chief executive Larry Probst will assume Riccitiello’s responsibilities until a permanent CEO is found.
According to published reports this week, EA’s market value has declined by nearly two-thirds since Riccitiello became CEO in 2007.