“This is a tough decision, but it all comes down to accountability,” said Riccitiello in a resignation letter to the EA Board of Director’s.
“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.”
Board chairman Larry Probst is to oversee the leadership transition, with the firm now seeking both internal and external candidates for the CEO post. Current COO Peter Moore is the current favourite.
As part of the separation agreement, Riccitiello will continue to receive his current salary for a further 24 months.
“Looking ahead, EA’s strategy and future are rock solid,” added Probst, in an EA blog post. “Our business is built on more than a dozen powerful, globally recognized brands. We are clear leaders in the fastest growing category in games – mobile – and we are positioned to lead on the next generation of consoles.”