Amid expected disappointing earnings, Electronic Arts CEO John Riccitello is leaving the company, effective March 30, the company announced. Longtime company executive Larry Probst will serve as executive chairman to lead the company while the board searches for a new CEO.
Probst has been at the company since 1991, having served as chairman of the board since 1994 and as the company’s CEO from 1991 to 2007. During his tenure as CEO, the company’s annual revenues grew from $175 million to nearly $3 billion as the company expanded into platforms such as mobile, online and other emerging markets.
In a release, EA said it expected its revenues and earnings per share for the current quarter to be on the low end or below the guidance issued at the end of January.
“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,” Probst said in a statement. “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.”