Stock down by almost 10%.
John Riccitiello is a rich man and his exit package from EA is valued at $4.7 million. He resigned from the company citing accountably reasons as EA was not going to hit the targets they set one year earlier.
The company is in a good condition he said in his farewell letter. The market hasn’t reacted well to this news as the stock is down by 8.3 per cent to $17.15. The stock has already fallen way below what it was a few years ago but it looks like the stock could bounce back when a new CEO is announced.
Peter Moore is likely to replace him as the CEO of EA.
“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.”
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