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Last month, Electronic Arts Inc., based in Redwood City, Calif., announced that John Riccitiello was stepping down as CEO and board member effective March 30. The company announced that Larry Probst, his predecessor as EA's CEO from 1991 to 2007, would become executive chairman as they search for a new CEO.
In January, the company announced third quarter earnings below-guidance revenue of $1.18, lower than the $1.65 billion for the same quarter in the prior year.
In a note to employees on March 18, Riccitiello said he resigned due to the firm's financial struggles.
"My decision to leave EA is really all about my accountability for the shortcomings in our financial results this year," he wrote. "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."