End game for boss of Electronic Arts as he takes the blame for missed targets

 
City A.M. Reporter
ELECTRONIC Arts’ chief executive John Riccitiello resigned yesterday, saying he was “accountable” for the company missing its operational targets.

The company warned investors that earnings in the current quarter will be at the low end of or slightly below its previously issued forecast after the announcement.

In January, the company had said it expected non-GAAP revenue for its fourth quarter ending 31 March to be about $1.025bn to $1.125bn.

It also forecast non-GAAP diluted earnings per share of 57 cents to 72 cents.

Riccitiello will step down from his post as CEO and member of the board of directors on 30 March, the video game company said yesterday.

“We have fallen short of the internal operating plan we set one year ago,” Riccitiello said in a letter filed to the Securities Exchange Commission. “EA’s shareholders and employees expect better and I am accountable for the miss.”

EA’s former CEO and chairman of the board, Larry Probst, has been appointed as executive chairman as the company, known for games including Fifa and Tiger Woods, begins its search for its next chief executive, it said.