Electronics Arts CEO John Riccitiello announced today that he'll be stepping down from his post. He was at the helm of EA for six years.
Matthew Lynley and Ian Sherr at The Wall Street Journal dug up the farewell memo Riccitiello sent to his employees. In it, the exec addressed the primary reason he's leaving.
"My decision to leave EA is really all about my accountability for the shortcomings in our financial results this year," wrote Riccitiello. "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."
He also sent a resignation letter to chairman Larry Probst, who's taking the helm until the board can find a suitable replacement:
March 17, 2013
Mr. Larry Probst
Chairman Electronic Arts
Dear Larry,
I hereby offer my resignation as CEO of Electronic Arts effective with the end of our Fiscal Year 13 on March 30, 2013.
This is a tough decision, but it all comes down to accountability. 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.
I have been at the helm as EA’s CEO for six years and served as COO for nearly seven years starting in 1997. I know this company well, and I care deeply about its future success. I leave knowing EA is a great company, with an enormously talented group of leaders and the strongest slate of games in the industry. I could not be more proud of our company’s games, from Battlefield and FIFA, to The Simpsons: Tapped Out and Real Racing 3. We have built many great franchises that will serve the company well in FY14 and beyond. In particular, I am confident that the investments we have made in games for next-generation consoles will put EA in a strong leadership position for many years ahead.
In offering my resignation, my goal is to allow the talented leaders at EA a clean start on FY14. I look forward to working with you in the coming weeks on an effective leadership transition. I’m extremely honored to have led this company and proud to have worked with all the great people at Electronic Arts.
Sincerely,
/s/ John Riccitiello
John Riccitiello
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