John Riccitiello, EA's CEO, has stepped down from his position with the company. The announcement came today from EA's website. Riccitiello has stated that Larry Probst will be stepping in as Executive Chairman during the transitional period until a new CEO is found.

"My decision to leave EA is really all about my accountability for the shortcomings in our financial results this year." said Riccitiello. "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."

In a post from Larry Probst, he states that Riccitiello's last day with the company will be March 30.

"I hired John in 1997 as our COO and, after leaving to start a private equity firm, he rejoined in 2007 as our CEO." said Probst. "In 12 years of service, he compiled a history of great leadership.  John’s tenure at EA has been marked by bold decisions, a big vision for online games, a passion for product quality and an enduring respect for the people who work here."

Riccitiello states in the end of his post that he is happy of the work he has done with the company.

"I am so incredibly proud of all the great things you [EA employees] have done, and it has been my honor to lead this team these past six years.  After March, I will be cheering wildly for EA from the sidelines."