Electronic Arts' John Riccitiello is stepping down as chief executive officer. He submitted his resignation to EA's board of directors today, and will finish his tenure March 30. Effective immediately, former EA president and CEO Larry Probst will step in as executive chairman while the company searches for a replacement.

"We appreciate John's leadership and the many important strategic initiatives he has driven for the Company," Probst said. "We have mutually agreed that this is the right time for a leadership transition."Riccitiello addressed his departure directly in a blog . "My decision to leave EA is really all about my accountability for the shortcomings in our financial results this year," he said. "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."EA's earnings have been on the decline , and the company recently faced numerous layoffs as well.In a press release statement, Riccitiello said, "EA is an outstanding company with creative and talented employees, and it has been an honor to serve as the Company's CEO. I am proud of what we have accomplished together, and after six years I feel it is the right time for me pass the baton and let new leadership take the Company into its next phase of innovation and growth. I remain very optimistic about EA's future — there is a world class team driving the Company's transition to the next generation of game consoles."When IGN inquired for additional context from EA, a representative stated, "We’re not going to comment beyond the publicly released material."Riccitiello served as CEO since 2007.

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